Chinese M&A Goes Global

Chinese companies spent $31.1 billion on overseas deals as of May 27 more than all of 2007and the pace isn't likely to slow
China Petroleum Chemical Corp (Sinopec), the nation's largest refiner, said 10 April its 2006 net profit rose 30.1 percent to 53.9 billion yuan (7 billion dollars) under international accounting standards. Teh Eng Koon/AFP/Getty Images

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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