NEW YORK: Brunswick Group and Public Strategies are representing the Chinese state-controlled oil company CNOOC in its unsolicited bid to acquire US independent oil giant Unocal.
It is the largest foreign acquisition ever attempted by a Chinese company, according to the Wall Street Journal.
Communication challenges abound. Unocal already agreed to be acquired by Chevron in April, albeit at a price $1.5 billion less than CNOOC is offering. CNOOC must now convince Unocal shareholders that their offer is superior.
Brunswick partner Michael Buckley said the agency has been working with CNOOC for several months. Its message, he said, is, ?Ultimately, it?s a fair price for world-class assets.?
Chevron issued a statement saying it stands behind its offer.
?The ball?s in Unocal?s court right now,? Buckley said.
It is also likely that interests opposed to CNOOC?s offer will raise the specter of creeping Chinese takeover of American assets as a threat to the nation?s economic security.
Neither Chevron nor Unocal were immediately available for comment.