China: Patterns of International Investment

Unocal Corp.'s board of directors voted July 19 to accept a takeover bid from Chevron Corp. This development likely marks an end to the controversial China National Offshore Oil Corp. (CNOOC) effort to acquire Unocal. The failure of CNOOC here, and the July 19 collapse of Haier's bid for Maytag Corp., reveal a good deal about where China's international ventures will succeed and where they will fail.