Possible illegal bid deal

Possible illegal bid deal
LOS ANGELES -- A major shareholder of Unocal Corp. has urged the company's board to reconsider its endorsement of a takeover bid by Chevron Corp. over a higher offer by a Chinese state-owned oil company, saying the board may be breaking the law if it enters into a deal that forbids it from obtaining higher offers. In a July 20 letter to Unocal's board, P. Schoenfeld Asset Management LLC, which holds more than 1 million shares of oil and gas producer Unocal, wrote that the oil company has a responsibility to its shareholders to lobby the federal government for approval of Chinese oil company CNOOC Ltd.'s bid.
Macy's Rwandan baskets
CINCINNATI -- Macy's is adding something a little different to its holiday gift offerings this year -- colorful baskets made by Rwandan women. Federated Department Stores Inc. says the baskets will be available on Macys.com and at its New York City Herald Square store in time for the Christmas shopping season. And while the retail sales will provide financial help for the weavers in the struggling African country, Federated officials think they will be good sellers.
Vindicator wire services

Don't Miss a Story

Sign up for our newsletter to receive daily news directly in your inbox.