Chinese companies stride on to cross-border M&A stage

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Chinese companies stride on to cross-border M&A stage
By Lina Saigol

The global economic crisis has done little to slate the thirst of Chinese companies searching for outbound acquisitions.

With the euro and dollar low and the renminbi strengthening, companies in China have stepped up their hunt for international assets and now almost every industry is on their radar.

So far this year, these companies have spent $51.4bn on overseas deals, up 40 per cent on the $36.8bn they spent during the same period last year, according to Dealogic. The bulk of those deals have taken place in oil, gas and mining as China moves to secure strategic resources.

Now, however, international dealmaking by Chinese companies is diversifying into all sectors, from automotive and high technology to consumer and luxury goods.

This spending spree is being encouraged by China’s government, which wants to see private companies, as well as state-owned enterprises, expand internationally to boost their global competitiveness.

For most, money is no object. They could outbid almost any international multinational in most competitive situations – especially at a time when chief executives are wary of overpaying for deals in advance of a full recovery. The bigger problem is whether they can win over their target board and shareholders.

The bidding war around Draka, the Dutch cable manufacturer, clearly highlights the issues many of these Chinese companies will face as they take their place on the global mergers and acquisitions stage. Last week, Xinmao Science and Technology, a Shenzhen-listed subsidiary of Xinmao Group, made a surprise all-cash

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