China still on lookout for foreign prospects

The new year has barely begun but already the international business news is once again dominated by Chinese companies' overseas investment and expansion plans.

Just a few days ago came word that Chinese textiles group Ningbo Shantex Co Ltd may make a takeover bid for United Kingdom-based apparel chain Phase Eight. Shantex, which manufactures and exports textile accessories, is already in preliminary talks with Towerbrook, a private equity company that bought Phase Eight in 2011.

Phase Eight was founded in 1979 by Patsy Seddon in London to offer fashionable clothing to sophisticated young suburban mothers.