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Chinese firms make 29 overseas M&As in first half

By Qiang Xiaoji (chinadaily.com.cn)
Updated: 2010-11-12 17:05
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Chinese enterprises made 29 overseas mergers and acquisitions (M&As) in the first half of 2010, 49 in 2009 and 41 in 2008, according to Accenture, a global management consulting company, China Securities Journal reported Friday.

The statistics show that M&As conducted by private Chinese businesses increased sharply but involved comparatively small amounts of money. Big overseas deals were still conducted by State-owned enterprises.

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Most overseas M&As took place in industries such as mineral resources, traditional energy, machinery manufacturing and information technology.

M&As in mineral resources and energy often involved big amounts of money. Of the top 20 M&As between January 2008 and May 2010, 16 were in the mineral resources and traditional energy fields.

Wang Bo, the managing director of Accenture Greater China, said Chinese businesses' success in M&As after the financial crisis is largely the result of luck and opportunity rather than good strategy.

He said Chinese businesses lack experience in cross-boundary business management, innovation and core technology and have few management personnel of global background.