Chinese M&A Goes Global
In the second-largest acquisition ever by a Chinese bank, Shenzhen-based China Merchants Bank on June 3 won the battle for Hong Kong's Wing Lung Bank. The country's sixth-largest lender, China Merchants paid $4.7 billion, or 2.9 times Wing Lung's 2007 book value, to emerge victorious over rival bidders Industrial & Commercial Bank of China (ICBC) and Australia & New Zealand Banking Group.
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