China Inc plots to get banquet seat
Publications: The AustralianDate: Nov 14, 2007
The leaders of China Mining Inc have decided not to try to resist a BHP-Rio mega-merger.
One of the major concerns at the summit was the likely role of the Australian government. The troubling example of the Unocal takeover bid was raised more than once. China National Offshore Oil Corp (CNOOC) bid USD21 billion for Californian oil company Unocal in 2005, only to have to withdraw it in the face of fierce political opposition, including the federal Congress. Melbourne resources lawyers Robin Chambers, the only Australian invited to attend the meeting, told the participants he believed the federal government would not place any major obstacle in the way of greater Chinese participation in the mining industry.
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