US Commerce Secretary Carlos Gutierrez says a takeover bid by a state-run Chinese energy firm for US oil major Unocal is likely to be reviewed on national security grounds.
Gutierrez said the bid by China National Offshore Oil Corp (CNOOC) would be subject to the normal vetting process used for a foreign takeover of a US company.
The state-controlled CNOOC announced yesterday a bid to buy Unocal for $18.5 billion, trumping a rival offer by US company Chevron.
The offer, easily China's biggest foreign corporate raid, has compounded the anxiety of US lawmakers already angry at Chinese trade policies.
Gutierrez said his department would be meeting Chinese government officials in a fortnight to go over US areas of concern including market access and piracy of US goods in China. 'We're not satisfied. And they know that,' the commerce secretary said.
The remarks by Gutierrez echoed statements to a special Senate committee hearing on Thursday by the US administration and Federal Reserve chief Alan Greenspan.
Greenspan issued a blunt warning to lawmakers against slapping 'protectionist' tariffs on China in a bid to protect US jobs, but called on China to revalue its currency against the dollar in its own economic interest.
