China has truly stepped onto the world stage following the turmoil that afflicted the global financial system in the second half of last year. Nowhere is this more prevalent than in the Chinese outbound M&A market, where activity remained solid over the first three quarters of 2009, despite dire market conditions. Indeed, outbound deal volumes over Q1-Q3 2009 accounted for 10% of overall Chinese M&A activity, as well as close to one-quarter of M&A investment - in comparison, foreign acquisitions in 2007 comprised just 8.5% over all M&A volumes and 21% of values.
With outbound deal activity playing an increasingly important role in determining the direction of China's overall M&A market, acquisitions of foreign assets have become increasingly sophisticated, as well as controversial. It therefore comes as no surprise that one-quarter of China's 20 largest outbound transactions have been announced over the previous three quarters, with a number of them, such as Yanzhou Coal Mining's US$2.6bn bid for Australia's Felix Resources, encountering regulatory delays.
Table of Contents
Foreword
Introduction
Executive summary
Methodology
China outbound M&A overview
China outbound M&A activity into Australia
China outbound M&A activity into the US
Sector focus
Automotive
Oil and Gas
Financial Services
Mining
Deloitte Global Chinese Services Group Overview
Deloitte contacts
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