The Chinese National Offshore Oil Company (CNOOC) and Chevron battle for the Unocal oil company. Chevron thought they had a done deal back in April when they made an offer of $61.24 a share or roughly $16.1 billion in cash and stocks. This week CNOOC made a solid offer of $18.5 billion in cool cash but if Unocal does decide to entertain CNOOC's offer, whoa boy there's gonna be a lot of hoops to jump through. Right now, China leads the world in manufacturing, period. They're recently taken to purchasing American companies like Maytag. In that respect, this is just another corporate merger and China's embracing the capitalism game and they're doing quite well at it. The problem is they're messing with the energy business now and that's got folks in Washington a bit riled.
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