China: Outward bound
When Aluminum Corporation of China (Chinalco) bought 12% of Rio Tinto in February 2008, the world sat up and took notice. The company had succeeded in acquiring a major stake in a global industrial player, a move that other Chinese companies had tried but many had failed. Just 18 months later, Chinalco was to provide another lesson for Chinese acquirers, as its proposal for an extended partnership with Rio foundered amid recovering commodity prices and global political attention.
Despite some high-profile deals falling through, China’s corporate giants are hunting for more foreign assets. CC’s Kathy Honeywood, Tim Wang and Stephen Harder examine what the next M&A wave will look like
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