Let Unocal take care of itself

China National Offshore Oil Corporation’s (CNOOC) US$18.5 billion bid for Union Oil of California (Unocal) has triggered security alarms and prompted an outcry against the foreign purchase of a strategic American company. But there is no evidence Unocal needs or wants help suppressing a cash offer which pledges no US job cuts and commits Unocal’s domestic reserves to US customers. Shareholders might even prefer that upward pressure be placed on Chevron Texaco’s modest bid.