after unocal fiasco, cnooc chairman and Us media drink to free trade
There are no hard feelings between CNOOC chairman Fu Chengyu and the US media.
At a dinner banquet at the Grand Hyatt on Thursday, Mr Fu (below) welcomed more than two dozen representatives of the American Society of Newspaper Editors who are visiting China for the first time in more than 28 years.
In eloquent and gracious English, Mr Fu recalled the words of his US bankers five years ago: CNOOC would be worth double what the market was willing to pay, were it not from China. But, whereas investors previously talked about a 'China discount', now they talk about a 'China premium'.
This still has not helped relations with the US. Last year, CNOOC was blocked in its takeover of Unocal Corp, thanks to political pressure on Capitol Hill and US media that exaggerated threats from China's economic rise.
Nevertheless, Mr Fu was polite and quick to note 13 major newspapers in the US had endorsed CNOOC's bid for Unocal. While their advocacy did not help, it was much appreciated.
