How China Reset Its Global Acquisition Agenda  

Oleh:

Williamson, Peter J.

Jenis: Article from Bulletin/Magazine - ilmiah internasional
Dalam koleksi: Harvard Business Review bisa di lihat di link (http://web.b.ebscohost.com/ehost/command/detail?sid=f227f0b4-7315-44a4-a7f7-a7cd8cbad80b%40sessionmgr114&vid=12&hid=105&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&jid=HBR) vol. 89 no. 4 (Apr. 2011), page 109-114.
Topik: Consolidation & Merger of Corporations; Market Entry; Business Failures; Assets (Accounting); Economic Policy; Technological Innovations; Industrial Concentration; Market Penetration; Market Saturation; Market Share; Mineral Industries
Fulltext: How China Reset Its Global Acquisition Agenda.pdf (72.29KB)

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China’s economic progress has been so dazzling that people often forget that China Inc. has seen its share of failures too. Just look at the first cross-border acquisitions that Chinese companies made. Many of those high-profile deals—including TCL’s acquisition of France’s Thomson, SAIC’s takeover of South Korea’s Ssangyong Motor Company, and the D’Long Group’s purchase of America’s Murray, Inc.—ended badly. But for the Chinese, failure is not about falling down; it's about refusing to get up. They quietly changed course, altering the kinds of targets they pursued and their rationale for M&A. Chinese acquirers have learned to steer clear of deals that involve costly turnarounds or tricky integration. Instead of buying brands, sales networks, and goodwill, they now look for hard assets, like mineral deposits and oil reserves, or state-of-the-art technology and R&D. And where they once tried to buy market share abroad, today they focus on acquisitions that will help them strengthen their share in China. Most telling of all, they’re more willing to walk away—perhaps one of the surest signs of M&A sophistication.

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