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Carlyle's Proposed Stake Acquisition in Xugong Falls Through
After three years' of courting, the Carlyle Group has finally failed to marry the Xuzhou Construction Machinery Group (Xugong Group), as the latter today declared that the proposed stake acquisition will not take place due to the agreements signed in October 2005 having expired.
July 23rd,2008
CNOOC-AWO Deal: Chinese Capital Marches into Europe
The China National Offshore Oil Corporation (CNOOC) is seeking to exploit sea oil fields in new areas, as its subsidiary, China Oilfield Services Limited (COSL) plans to acquire Awilco Offshore ASA (AWO), a Norwegian oil service company involved in drilling and accommodation services. The $2.5 billion deal will encourage more Chinese companies to acquire businesses in Europe, instead of in the United States.
July 9th,2008
Bain Capital Set to Win Huawai Mobile Phone Business
Huawei hopes to enter the US market and reduce the risks in the competition with Nokia and Samsung by selling its mobile equipment business to a PE.
July 4th,2008
Chinese Forex Reserve Supports Overseas M&A
China's enormous foreign exchange reserve, while itself actively seeking investment opportunities, will also use its capital to promote Chinese enterprises "moving out" into international markets.
June 12nd,2008
Xugong, Separating from Caterpillar, Is Still Wooed by Carlyle
Xugong Group has made a formal decision to withdraw from Caterpillar Xuzhou Limited, a joint venture established in 1994
June 11st,2008
BaoSteel-FMG:Early Days, but Acquisition May Be the Future
China, the world's largest iron ore importer, is making every effort to enter the upstream industry to disrupt the dominance of miners Rio Tinto, BHP Billiton and CVRD in the iron ore market. After Chinalco's investment in Rio Tinto, it has been rumored that a Chinese state owned mineral or steel giant might try to acquire BHP Billiton, though that would seem a long shot. Now Chinese eyes have shifted, and Fortescue Metals Group (FMG), an emerging Australian iron ore firm, has become a potential target.
May 30th,2008
Odds Are Long for Haier's Swallowing GE Appliances
China's Haier, eager to become a major world brand in the appliance business and long seeking prey in the US market, may now have its eye on a big prize. According to Chinese and some foreign media, Haier is considering making a bid for US titan GE Appliances.
May 29th,2008
Telecom Reshuffle Leans Towards China Mobile's Advantage
Somewhat out of the blue, and at a time when the nation's attention has been riveted on their stricken compatriots in Sichuan, the government in Beijing has announced plans for a major telecoms industry reshuffle. China's five big telecoms operators will be merged into three, and will compete for all telecom licenses.
May 26th,2008
Blackstone Eyes More Deals with China's SOEs
Blackstone Group, the former private equity giant which now bills itself as a "leading global alternative asset manager and provider of financial advisory services listed on the New York Stock Exchange" after its enormously successful IPO last June, is seeking to take advantage of its connections with Beijing and is eying deals with state-owned enterprises (SOEs). Cooperation may include buying into distressed SOEs and teaming up SOEs to invest overseas.
May 11st,2008
China's Overseas M&A May Take an Aggressive Turn
After much hesitation and heated discussion trying to evaluate whether or not asset prices, affected by the US subprime crisis, had reached rock bottom, the Chinese government has now decided to encourage overseas mergers and acquisitions. China's large foreign exchange reserve, the RMB's appreciation against the USD, and the growing number of distressed assets in the market, have all convinced the Chinese government that it is in a good position to take advantage of the consequent fire sales.
April 28th,2008
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