Chinese acquisitions may reach record high

14:25, May 26, 2010      

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With the strong economic growth in China and Chinese companies' continual pursuit of technology in energy and manufacturing industries, mergers and acquisitions of Chinese companies may break a record high this year.

The data from Thomson Reuters showed that as of May 24, the total amount of China's overseas acquisitions has reached 28.4 billion U.S. dollars for the year, higher than 5.8 billion USD in the same period of last year, which is the highest level since the data was first released by the agent in 2000.

In April, Sinopec agreed to acquire shares of Syncrude Canada, Ltd. at the price of 4.6 billion U.S. dollars.

China National Offshore Oil Corporation (CNOOC) signed an agreement to pay 3.1 billion U.S. dollars to establish a joint venture with Argentina's Bridas Energy Holdings this March.

Also in March, Geely, a Chinese automaker, agreed to acquire Volvo from U.S.-based Ford Motor Company for the price of 1.8 billion U.S. dollars.

China's mergers and acquisitions market had an overall total of 118 deals in the first quarter of 2010, up 37.2 percent year-on-year, increasing 51.3 percent compared with the previous month. The total combined amount involved in the 97 acquisition deals that released their prices reached around 40 billion U.S. dollars.

By People's Daily Online


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