A FEW years ago two executives of an international oil company were working late in its otherwise deserted office in England. A stunning young Chinese woman arrived at reception. “She was very attractive, decked out in Gucci,” one of them says. She delivered a letter from Sinopec, one of China’s giant, state-controlled energy firms, proposing a multibillion-dollar takeover. The executive adds, a little wistfully, that she then disappeared into the night in a car with local licence plates, never to be seen again.His firm was soon bought by another Chinese company. Since then Western bosses have been tapped by Chinese firms at conferences in Toronto and Cape Town and received walk-in offers in Scandinavia. Companies across Europe have solicited Chinese investment. Bankers all over the world have touted lists of Western takeover candidates among China’s big firms. This year buyers based in China and Hong Kong have accounted for a tenth of global deals by value, including investments in oil and landmark takeovers in industry, such as Geely’s purchase of Volvo, a Swedish carmaker. A decade ago China urged its companies to expand under the slogan “go out”. Now it is really happening.
To read the full, original article click on this link: Chinese takeovers: Being eaten by the dragon | The Economist
