A China National Offshore Oil Corporation oil rig in the Bohai sea. Photograph: Reuters
Two high-profile takeover attempts of US companies by Chinese firms have hit the buffers. Haier, a Chinese conglomerate, has abandoned its $1.28bn bid for Maytag, after the maker of the iconic Hoover vacuum cleaners decided to accept a rival offer from Whirlpool.
Meanwhile, CNOOC, the state-owned oil company, has seen its $18.5bn offer spurned by Unocal, a midsize independent oil firm based in California. Unocal has decided to accept an offer from Chevron, America's second largest oil company, even though that bid is lower at $17bn.
In a takeover battle, the company with the higher bid usually wins. But the fact that CNOOC is Chinese has stirred up all sorts of fears. For some members of Congress you would think that
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