The onset of takeover bids from China has rattled American businessmen and politicians, fearful of a communist state grown rich on trade surpluses with America. After Lenovo's acquisition of IBM'S personal-computer business in December, the focus has shifted to Unocal, an oil company. China's CNOOC has offered $18.5 billion, topping a $17 billion bid from America's Chevron (which has nonetheless won the backing of Unocal's board). In the shadow of Unocal a much smaller but equally fierce struggle has been taking place, for Maytag, a maker of household appliances whose brands-including Hoover in America-have a sentimental place in American life. And here, against expec- tations, a Chinese bid has been rebuffed.
展开▼
