Tengzhong Buys American Car Icon Hummer
Despite its connection to military vehicle maker A.M. General, which supplies Humvees to the US armed forces, it does not appear likely that the sale will face opposition from the Committee for Foreign Investment in the US, which has jurisdiction over the sale of strategic US assets to foreign investors.
BaoSteel Stymied by Provincial Government from Acquiring Ma Steel
The tax problems precipitated by mergers between central enterprises and local state-owned enterprises have resisted solution, and many merger plans in the steel industry, an industry very badly in need of consolidation, have bit the dust or just never worked out.
China Gets First Approval for Australia Acquisition
Australian Treasurer Wayne Swan refused to block Hunan Valin Steel's (Valin) taking a stake in Fortescue Metals Group (FMG), Australia's third largest iron ore company. Valin will become FMG's second largest share holder and gain a seat on FMG's board. Other deals, involving Chinalco, Minmetals, and Ansteel, have been blocked or are still in the works.
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