Japan’s NEC and Neusoft, one of China’s biggest software companies, have agreed to form a joint venture offering cloud computing services in China. NEC said it expects the Chinese market for cloud computing, where services and storage are shared and sourced over the internet, to grow to $2.3 billion by 2012. China’s IT services industry [...]
Merck announced on Tuesday that it has reached a deal with China National Pharmaceutical Group to market vaccines and other drugs. Merck will use Sinopharm, China’s largest pharmaceutical group with revenues of $9.5 billion in 2009, as its joint venture partner in the country to sell and distribute a wide array of vaccines and pharmaceutical [...]
A US fibre optics maker has been forced to abandon a planned joint venture with China’s Tangshan Caofeidian Investment Corporation (TCIC) after the White House blocked the transaction on concerns that it would threaten national security. Emcore, a New Mexico-based components maker for fibre optics and solar panels, said it withdrew a voluntary filing with the [...]
France’s largest carmaker, PSA Peugeot Citroën, has signed an initial agreement to set up a venture with China Changan Group. In a joint statement, the companies said the manufacturing venture will produce light commercial vehicles and cars, allowing Peugeot to enter the growing Chinese market for delivery vehicles, an area in which GM and Ford [...]
Citic Securities and French firm Credit Agricole are close to agreeing plans for a global brokerage joint venture covering China and the Asia Pacific region, according to people with knowledge of the matter. A preliminary agreement could be announced as early as April 19. It is proposed that Credit Agricole would sell a stake in [...]
Chinese companies are becoming reluctant to make foreign acquisitions and favoring partnerships and alliances over outright buyouts, according to an Economist Intelligence Unit report. Of survey respondents definitely considering foreign investments, 47% would prefer joint ventures while only 27% would consider complete acquisitions. Chinese companies completed 298 cross-border acquisitions in 2009, frequently investing in struggling foreign [...]
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 [...]
Aluminum Corp of China (Chinalco) will invest $1.4 billion in return for a 47% stake in a joint venture with Rio Tinto in Guinea. The partnership, expected to be the first of several joint ventures between the Anglo-Australian miner and its biggest shareholder, will cover mining and infrastructure at the Simandou project. Analysts believe the [...]
Dongfeng Honda Automobile, a joint venture between Honda and Dongfeng Motor Group, will build a new US$169 million production facility in Wuhan, Hubei province, in order to keep up with growing demand. The one million square meter plant will be Honda’s fifth in China, having a similar joint venture arrangement with Guangzhou Automobile Industry Group. [...]
Mazda and Ford have entered discussions to possibly dissolve their joint venture in China, under which the foreign auto makers currently share manufacturing bases in Chongqing and Nanjing with Chongqing Changan Automotive. The discussions could result in a restructuring in which the Chongqing operations would be jointly owned operated by Ford and Changan, while the [...]
