Steve Bainbridge is working on an article on “Unocal at 20” about the famous Delaware supreme court decision 20 years ago that blocked Mesa's bid for Unocal and set the stage for modern Delaware takeover law. I look forward to reading it. I hope he includes the epitaph, discussed in today's W$J, that a Chinese company is getting into the bidding for Unocal. (Tom and Christine also discuss this development.) It will be a reminder that the final arbiter of what happens to companies is not the Delaware supreme court but the worldwide market. As the W$J quoted the ExxonMobil chief as saying: "You have to have free trade. If you start to put inefficiencies in the system, all of us eventually pay for that."
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Does "free trade" include allowing a government run by a Communist Party to control strategic assets? After all, this isn't a takeover attempt by a private company.
Posted by: Ann | June 24, 2005 at 07:02 PM