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The competition for oil: CNOOC vs. Chevron Texaco

From the Financial Times:

CNOOC considers hostile bid for Unocal


China National Offshore Oil Corporation will discuss this month the possibility of making a counter-offer to ChevronTexaco's $16bn bid for Unocal, raising the prospect of the first takeover battle between a Chinese company and a US rival.

A counter-bid by CNOOC, China's third largest oil group, would be controversial in the US, with many politicians and business lobbyists certain to oppose the attempt by a state-owned Chinese group to buy a US oil rival...

LINK:
Financial Times: CNOOC considers hostile bid for Unocal (Paid subscription required)

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