The Chinese Are Coming!

But the U.S. needn't fret about mainland companies aiming for takeovers as those acquisitions may not fare too well

It looks like the dealmaking synapses of China's corporate chieftains are going haywire. On June 21, China's Haier Corp. (HRELF ), backed by private equity firms Blackstone Group and Bain Capital, bid $1.28 billion for appliance maker Maytag (MYG ) -- home to not only the loneliest repairmen in town but also a brand getting beaten by more efficient rivals such as Whirlpool, General Electric (GE ), and Electrolux.

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