![]() ![]() regulators said they had completed a review of the new deal with no comment.Īcquirer: Zoomlion Heavy Industry Science Instead, GE backed out of that deal and struck a new one with China-based Qingdao Haier. government said it would try to block a deal for the division to be bought by Electrolux. General Electric had stumbled in its bid to sell off its appliance division after the U.S. Others worry that Shuanghui might use Smithfield as a channel to sell its products in the U.S.” Some view the purchase as a means to acquire valuable hog-farming and processing technology. Starwood would add 1,300 hotels around the world to Anbang’s portfolio.Īt the time of the deal, Minxin Pei, a professor of government at Claremont McKenna College, wrote, “Some people saw the move by Shuanghui, a private firm based in Henan, as a masterstroke to expand its ability to supply a fast-growing market with premium-brand pork at higher prices. Also this week, Anbang announced its was buying a number of hotels owned by Blackstone. It is the latest hotel acquisition by the Chinese insurer, which last year bought the company that owns New York’s Waldorf-Astoria. firms to be swallowed, or are soon to be swallowed, by a Chinese company, according to Dealogic. That’s nearly as much in two and a half months as the $107 billion that Chinese firms spent on foreign purchases in all of last year, which itself was a record. This year, Chinese firms have spent $103 billion on acquisitions of foreign firms, not just in the U.S. Recently, Chinese firms have been on a buying spree. If it goes through, the Starwood deal would be the largest acquisition ever of a U.S. But it’s unlikely that Marriott will be able win a bidding war with the Chinese insurer, which was originally bankrolled by state-owned enterprises and has a war chest of cash filled up by Chinese investors eager for returns. Marriott, which had previously made a deal to buy Starwood, is reportedly considering a counter bid. On Friday, Starwood Hotels agreed to be acquired by Anbang, a Chinese insurance company that is rapidly buying up U.S.
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