海外收購

The great haul of China

In chaos lies opportunity. In the 10 months since Lehman imploded, Chinese companies have gone on an unprecedented buying spree. Chinese bidders have announced 50 outbound offers worth $30m or more, according to Dealogic, totalling just over $50bn. Setting aside the almighty blooper of Chinalco's thwarted approach to Rio Tinto, and Beijing Automotive's failed bid for Opel, the success rate has been high. Just three deals have been withdrawn, and one of those – Minmetals' bid for Oz Minerals – was resurrected in an acceptable form. Twenty four deals worth a combined $17bn have been completed; 21, worth almost $18bn, are pending.

Rio seems to have served as a lesson. That huge, multi-layered confection was a gift to overseas opponents, both political and commercial. Since then, the focus has stayed constant: more than two-thirds of offers have been in mining or energy. Deals have also been smaller and simpler: China's bidders have sensed that important long-term concessions can be extracted by degrees. And acquirers have done better by steering clear of prickly, developed economies: targets there account for 54 per cent of the deals, but all of the failures. Finally, the legacy of CNOOC's failed hostile bid for California-based Unocal lives on. Just one deal – the swoop on 1.1 per cent of Diageo's shares – seems to have been unsolicited.

It is notable, too, that very few of these deals were contested, at least publicly. Now that foreign companies – and their supporting cast of banks – are recovering some poise, China Inc may encounter stiffer opposition. That may explain the recent escalation: the flurry at the end of last week included moves on Nufarm, Australia's biggest supplier of farm chemicals, and Metals X, the country's only tin miner. Still, an effective win/loss ratio of 8:1 is not to be sniffed at.

訂閱以繼續探索完整內容,並享受更多專屬服務。
版權聲明:本文版權歸FT中文網所有,未經允許任何單位或個人不得轉載,複製或以任何其他方式使用本文全部或部分,侵權必究。

中東期待沙烏地阿拉伯制衡川普

阿拉伯國家希望穆罕默德王儲和美國當選總統川普的密切關係能夠緩和川普政府的中東政策。

投資者押注防務支出增加,Palantir成爲「川普交易」贏家之一

彼得•蒂爾創立的數據公司的最大客戶是美國政府,自川普本月當選以來,其市值增加了230億美元。

Lex專欄:成長來之不易,雀巢前景平淡

要實現其成長目標,這家瑞士集團需要增加行銷投資。

Lex專欄:便宜商品是沃爾瑪股價上漲的基礎

沃爾瑪通過吸引高收入顧客和增加其他收入來源,出色地應對了經濟不景氣和通膨帶來的挑戰。

Lex專欄:奢侈品品牌寄希望於自己的美國夢

奢侈品在美國越來越具有吸引力,可能爲該行業提供新的成長跑道。

諾和諾德準備下一代減肥藥的試驗結果

這家丹麥公司預計,最新數據將顯示CagriSema可在一年多的時間內減輕25%的體重。
設置字型大小×
最小
較小
默認
較大
最大
分享×