China Nabs Airplanes and Batteries in Latest U.S. Shopping
Source: Business Week
M&A
China Nabs Airplanes and Batteries in Latest U.S. Shopping
By Dexter Roberts on December 10, 2012
China’s U.S. shopping spree continues.
On December 9, Chinese auto parts and technology company Wanxiang Group won a bankruptcy auction to acquire lithium-ion battery-maker A123 Systems for $256.6 million, beating out competing bids by Johnson Controls, Siemens AG (SI), and NEC. And on December 10, a consortium of Chinese financial firms agreed to purchase AIG’s aviation-leasing business for $4.26 billion, setting a new record for the value of a single U.S. deal by a Chinese acquirer.
The Wanxiang win follows an earlier unsuccessful bid that foundered in August over U.S. Congressional national security concerns, and was followed by A123’s bankruptcy filing on Oct. 16. The Waltham (Mass.)-based company had supplied its automotive batteries to the U.S. military and had also secured a $249 million federal grant to build factories in the U.S.—both issues raised by U.S. congressional members at the time. Separately, a congressional report released Oct. 8 alleged that China’s two largest telecom equipment manufacturers, Huawei Technologies and ZTE, are a security threat and should be blocked from acquiring U.S. companies.
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Wanxiang has already invested in some two-dozen ailing factories, mainly in the Midwest, and has recently been putting money into clean tech. In May, it closed a deal to invest $1.25 billion in Great Point Energy, a company in Cambridge, Mass., that converts coal to natural gas. The U.S. is a “gold mine” of opportunities for Wanxiang, Pin Ni, the head of U.S. operations and president Wanxiang America, told Bloomberg Businessweek in October. “Any Chinese company that wants to be a global company can’t miss out on the U.S. market.”
These latest deals could cap a record-setting year with Chinese companies spending more than $8 billion to acquire American companies, up almost 50 percent from 2011. Chinese investment has flowed into at least 37 states and most major cities and is diversifying beyond the big energy asset purchases that have defined it in the past, according to Thilo Hanemann, research director at Rhodium Group, a China-focused consultant. Now also popular: entertainment, aluminum production, and financial services, with Chinese companies already supporting close to 30,000 jobs in the U.S. (Not that energy deals are no longer happening: Sinopec is spending $2.5 billion purchasing oil and gas assets of Devon Energy (DVN), for example.)
Read more: http://www.businessweek.com/articles/2012-12-10/china-nabs-airplanes-and-batteries-in-latest-u-dot-s-dot-shopping
We have sold our heritage for a mess of pottage.
For other translations of that passage, go to this excellent site: http://bible.cc/genesis/25-29.htm
= new reply since forum marked as read
to the highest bidder.
how much of the world/resources and it's companies does china/chinese corporations/businesses own?
way to lose that preeminence america.
If China owns and controls all the companies that makes the basic parts for our war toys, maybe they can stop our Middle East aggression. What could go wrong? Worse case, we all learn Chinese, right? Right? Why you looking at me like that?
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but seriously.....I don't do well with languages.
They buy aircraft carriers... fighter jets, deep water oil ports, agricultural land and fresh water supplies.
We spend our precious tax dollars on endless wars in Lybia and Iraq.... China grabs oil.
BEIJING, March 1 (Reuters) - China's top two state oil firms have agreed to lift a total of about 140,000 barrels of crude oil per day from Libya under term deals for 2012, set to raise China's crude purchases from the North African exporter after supply disruptions last year.
State trader Unipec, the trading arm of top Asian refiner China Petroleum & Chemical Corp (Sinopec) , would lift about 100,000 bpd from Libya, while Chinaoil, trading department of PetroChina, would buy another 40,000 bpd, traders with knowledge of the deals told Reuters.
http://www.reuters.com/article/2012/03/01/china-libya-oil-idUSL4E8E113820120301
