China Petrochemical Corp, also known as Sinopec, has made a $4.65 billion bid for a stake in the Athabasca region of Canada’s Alberta province. China’s second-largest oil and gas producer will purchase a 9.03% stake of Syncrude, which operates the 350,000 barrel per day project, from ConocoPhillips. The deal, which could add as much as [...]
The State Council released new regulations governing China’s foreign investment, stating that the country still welcomes foreign investment in the high-tech, service, energy-saving and environmental protection industries, but plans to restrict future investment in polluting and energy-wasting industries. The new regulations emphasize the State Council’s support of listed Chinese A-share companies seeking domestic and international strategic [...]
SABMiller and China Resources Enterprise, the joint venture partners behind Snow, China’s best-selling beer, will seek to boost growth through acquisitions and increased production capacity. According to Ari Mervis, managing director of SABMiller’s Asia operations, building capacity in China remains relatively cheap. “What you find locally in China is under-performing assets,” Mervis said. “You tend [...]
The chairman of Bank of China said the lender wants to grow aggressively overseas but doesn’t plan on making any acquisitions. Xiao Gang told reporters Thursday that BoC’s “overseas expansion plans will rely on [its] own strengths,” noting that international business has already increased after foreign banks were crippled by the global financial crisis. He [...]
Fushan International Energy Group and its Vice Chairman Wong Lik-ping are planning a US$316.13 million share placement in order to take advantage of a stock market rally. The producer of coking coal will sell 370 million new and 180 million old shares at between HK$4.29 (US$0.55) and HK$4.45 (US$0.57) per share. Wong could make as [...]
Tencent, the operator of China’s largest instant messaging service known as QQ, said it will list on the mainland once Beijing modifies rules allowing overseas companies to list on domestic bourses. “We have always been considering listing in the mainland China market and hope our clients can buy our stock, but this has to depend [...]
China is trying to lock up energy reserves across the globe by offering much-needed credit to governments. The latest is a US$10 billion oil-for-loan deal between Kazakhstan and China announced on Friday. Kazakhstan will receive cash for new investment projects and China will get a 50% stake in a major Kazakhstan oil producer and priority [...]
Evercore Partners, a US investment bank, has established an advisory and investment joint venture with Citic Securities in a bid to get more M&A exposure in China. The new company, which will be known as Citic Securities International Partners, will be headed by Donald Tang, a former vice chairman at Bear Stearns. The company will [...]
The government may encourage its two largest automakers, Shanghai Automotive Industry Corp and China FAW Group Corp, to buy up rivals in order to revive the car industry. China hopes to whittle its 14 largest automakers down to 10 in order to transform state-owned firms into global players, creating two or three automakers with annual [...]
China Minmetals Corp is likely to use its US$1.7 billion takeover of OZ Minerals as a platform for further acquisitions of Australian raw materials, says the CEO of OZ Minerals. “They want this as their offshore vehicle to grow their base metals business,” Andrew Michelmore said. OZ Minerals, the world’s second-largest zinc mining company, agreed [...]
