6. Huaneng buys into InterGen
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| Two people visit China Huaneng Group's stall at an exhibition in Beijing on April 20, 2009. [Photo: Chinadaily.cn] |
China Huaneng Group, the nation's largest electricity producer, will pay $1.23 billion to acquire GMR Infrastructure's 50 percent stake in Massachusetts-based power utility InterGen.
This is Huaneng's biggest overseas acquisition in more than two years. The Chinese company will gain access to 12 power plants in the United Kingdom, Netherlands, Mexico, Australia and the Philippines after the transaction.
The deal, which is subject to regulatory approvals, is expected to close in the first half of 2011.
7. PCM acquires GM's parts-supplier unit
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| Officials from Pacific Century Motors (PCM) and General Motors sign an agreement on July 12 in Detroit. PCM will pay more than $400 million to acquire all shares of GM's steering-parts manufacturing unit. [Photo/Xinhua] |
Pacific Century Motors (PCM), a joint venture between Tempo Group and the Beijing municipal government, completed the acquisition of General Motors' steering-parts manufacturing unit in December, setting a record for the biggest single overseas purchase in China's automobile parts industry.
The takeover of Nexteer Automotive involves its global steering and half-shaft operations, including 22 manufacturing facilities, six engineering facilities and 14 customer support centers, which have 8,300 employees in North and South America, Europe and Asia.
The deal was estimated to be worth between $420 million and $450 million.
8. Ansteel invests in US mill
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| Visitors check out an Angang Steel (Ansteel) stall at an exhibition in Shanghai. [Photo: Chinadaily.cn] |
Anshan Iron & Steel Group inked an agreement in September with Steel Development Company (SDC) to cooperate on construction of a steel rebar plant in the United States. Total investment in the Mississippi steel rebar project was $168 million, with the Chinese steel maker taking a 14 percent stake.
The investment, which faced strong opposition from US lawmakers and was proposed in May, is the first case of a Chinese company investing in a US steel mill.
9. Bright Food inks NZ deal
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| Models show off clothes made of recycled materials from Shanghai Bright Dairy & Food Co Ltd products.[Photo: Chinadaily.cn] |
Shanghai-based Bright Dairy & Food Co agreed in July to pay $58 million for a 51 percent controlling stake in New Zealand's Synlait Milk Ltd, marking its first overseas investment.
The investment capital would be used to pay Synlait Milk's bank loans and establish a new factory in New Zealand after the deal is completed. The deal is the first overseas purchase in China's dairy industry.
10. ICBC acquires majority stake in Thai lender
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| The Industrial and Commercial Bank of China's branch in Nanjing, capital of Jiangsu province. [Photo: Chinadaily.cn] |
Industrial & Commercial Bank of China Ltd (ICBC), the world's largest bank by market value, acquired a 97.24 percent stake in Thailand's ACL Bank with about $545 million in April.
The Chinese lender would get 1.55 billion of ACL's ordinary shares and 282, 048 ACL preferred shares after the transaction. The deal gives ICBC a foothold in Thailand and may also help bolster ties between Thailand and China.
(Source: China Daily)
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