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International Trade and Finance Case Study

Case Title:

Free Trade Movement: Philosophical Dogma Vs Reality

Publication Year : 2010

Authors: S Chaudhuri and A Ghosh

Industry: General Business


Case Code: ITF0037IRC

Teaching Note: Not Available

Structured Assignment: Not Available

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The all-cash $18.5 billion bid from China National Offshore Oil Company (CNOOC) to acquire Unocal Oil Company of the US was severely resisted by both US Congress and Chevron Corporation. It was yet another example of the United States (US) state influence on corporate planning and growing protectionist obstacles to China's globalisation. The entire effort on the part of the government and the US oil major forced CNOOC to abandon its bid and cleared the way for Chevron, which had quoted a much lower price of $17.7 billion. The entire episode sparked heated controversy around the globe. Those who opposed the bid viewed it as a Chinese bid to control vital energy resources, while others fretted about possible retribution against the US companies operating in China and a weakening of the US efforts to push for freer markets around the globe.

Pedagogical Objectives:

  • The dynamics and the growth of CNOOC as an international oil company
  • The role of acquisition as a lifeline to free trade.
  • The future of the free trade movement.

Keywords :  China National Offshore Oil Company (CNOOC), Liquefied natural gas (LNG), China Oilfield Services Limited (COSL), China Offshore Oil Engineering Corporation (COOEC), Unocal Oil Company, Dorgan bill, Protectionism, Joint ventures, Base Group, Chevron-Texaco, US house of representatives, US congress, Free trade

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