www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Taste for outbound M&As strong in H1, may double in H2

Updated: 2011-09-06 11:23

By Wang Ying (China Daily)

  Comments() Print Mail Large Medium  Small 分享按鈕 0

SHANGHAI - Uncertainty in the financial market did not dampen merger-and-acquisition (M&A) sentiment in China, and Chinese enterprises reached deal value of $17 billion during the first half of 2011, a newly released report said on Monday.

According to the latest report of Deloitte Touche Tohmatsu Ltd, after registering deal value of $62 billion in outbound M&As in 2010, China continued its hunt for overseas bargains in the first half of this year. But as the second-largest economy in the world, the country could have been more ambitious.

"M&A activities will continue to grow because Chinese companies have become more adept and sophisticated at acquiring assets overseas, even in the face of market turbulence," the report said.

Seventy-five M&As were announced in the first half of 2011, two more than in the same period in 2010. However, the total value of deals was $17 billion, lower than $20.8 billion of the same period of last year.

"But we expect it to double in the next half of this year," said Lawrence Chia, head of M&A services of Deloitte China and global Chinese services group co-chairman.

Large M&As deals accounted for a larger share of the total compared with five years ago, the report said. About 20 percent of the outbound M&A deals reached over the 18 months between January 2010 and June 2011 were valued at more than $500 million, while such only 12 percent of all outbound M&A deals between 2005 and the first half of 2009 were of that magnitude.

"Chinese companies are increasingly willing to invest abroad, driven by the need to secure raw materials from overseas and to escape from the overly crowded domestic markets. By investing overseas, Chinese companies can also acquire new technologies, create partnerships back at home and pave the way for their future investment in a target country," Chia said.

China's M&A activity peaked in the fourth quarter of 2010 with a record 51 transactions worth $29.9 billion, driven primarily by a trio of multibillion-dollar energy and resources deals in the United Kingdom and South America.

Deloitte expected Chinese companies to play an increasingly important role in the global economy and the M&A markets in the next few years, and energy and resources will be the most active area for Chinese investors.

According to the report, energy and resource M&As accounted for 32 percent of the deals in the first half of 2011. The categories of consumer business and transportation, plus technology, media and telecommunications together accounted for 29 percent of the deals in that period.

Between January 2005 and June 2010, Chinese companies made 91 deals on overseas mines alone, valued up to $31.9 billion, according to a China Youth Daily report.

"Manufacturing is the strongest of all industries, and China's fast development and enormous demand for resources require more M&As overseas," said Andrew Zhu, partner in charge of Northern China international and M&A tax services of Deloitte.

China Niobium Investment Holdings Ltd, a consortium of five Chinese steelmakers, announced on Friday it had completed the acquisition of 15 percent of Brazil's Companhia Brasileira de Metalurgia e Mineracao (CBMM) for $1.95 billion.

Niobium is used mainly as an alloying element in steel to increase strength and durability. Brazil has the world's largest known niobium reserves, and CBMM owns the best of them in Brazil. The joint venture consists of CITIC Group, Anshan Iron & Steel Group Corp, Baosteel Group Corp, Shougang Corp and Taiyuan Iron & Steel (Group) Co Ltd.

Resource M&As, compared with deals in other industries that require higher managerial ability, are less complicated for Chinese companies, Zhu said.

A more valuable yuan will bolster Chinese companies' confidence to explore overseas, he added.

Challenges remain, however, including regulatory concerns in target markets, a weak macroeconomic outlook and cultural differences, all of which complicate tie-ups from a bidder's perspective, the report said.

主站蜘蛛池模板: v片在线看 | 在线看片欧美 | 欧美激情综合亚洲一二区 | 99在线热视频 | 亚洲高清在线观看播放 | 欧美不卡一区 | 国产或人精品日本亚洲77美色 | 天天躁夜夜躁狠狠躁2024 | 国产a级高清版毛片 | 亚洲人成在线播放网站岛国 | 国产精品成人一区二区不卡 | 久久免费播放视频 | 久久99爱视频 | 2022国产91精品久久久久久 | 欧美精品在线一区 | 日本视频免费在线播放 | 欧美成人26uuu欧美毛片 | 免费看欧美xxx片 | 国内欧美一区二区三区 | 男女午夜免费视频 | 国产大陆精品另类xxxx | 国内视频自拍 | 色拍拍噜噜噜aⅴ在线观看 色青青草原桃花久久综合 色婷婷91 | 九九草在线观看 | 日本不卡一二三 | 国产成人a一在线观看 | 国产免费午夜a无码v视频 | 米奇777色狠狠8888影视 | 日韩免费a级在线观看 | 九草视频| 在线黄| 久久成人国产 | 亚洲精品久久久久午夜三 | 欧美日韩高清观看一区二区 | 九一精品 | 九九精品视频在线播放 | 免费国产成人高清视频网站 | 大陆60老妇xxxxhd | 国产日韩欧美精品一区二区三区 | 欧美一区二区三区gg高清影视 | 亚洲国产精品ⅴa在线观看 亚洲国产精品aaa一区 |