Central enterprise leading overseas mining mergers and acquisitions identity is still a double-edged sword

Cao Kai July 2, Chinalco (hereinafter "Chinalco") announced that it was spending about $1.5 billion to subscribe to Rio Tinto's share allotment, preserving its 9.3% per cent stake in Rio Tinto without diluting it at relatively low prices.　　Half a month ago, June 18, the Yarra of Melbourne, Australia, China Minmetals Group (hereinafter referred to as "Minmetals") president Zhou Zhengji personally pressed the gun salute button, with a sound, Minmetals announced a successful acquisition of 1.386 billion U.S. dollars Australia Oz mining company. This is only two cases in which Chinese companies have launched a wave of mergers and acquisitions overseas since 2009.　　In this wave of mergers and acquisitions, China's large central enterprises and occupy the absolute mainstream. "The gun rang the moment, I feel very excited, after all, is a Western mainstream mining company, including human resources, we have bought over."　　June 26, Zhou Central received a CBN reporter interview is very happy.　　Professor Rodongwei, a researcher of the Institute of Industrial Economics of Cass and director of enterprise system Research, said in an interview with CBN reporters that mineral resources are often strategic resources, most of China's mineral resources are relatively short, Chinese enterprises take the opportunity to overseas mergers and acquisitions of natural products is more important. In addition to Chinalco and Minmetals, on May 1, China nonferrous Mining group bought 252 million Australian dollars (about $186 million) to buy Australian rare earth miners LYNASCORP7 billion shares, thus gaining a 51.66% per cent holding stake.　　Less than one months later, June 6, China nonferrous Mining group announced the acquisition of Zambia Luangwa.　　However, it is precisely the special identity of the central enterprises, which led to the "go out" by various obstacles. Rio Tinto, June 5, tore up a $19.5 billion trillion-dollar equity deal with Chinalco, and changed its funding for a 15.2 billion-dollar allotment through a gradually warmer capital market and formed an iron ore joint venture with rival BHP Billiton. The deal, which had been expected to create the world's biggest merger this year, has failed.　　To make up for the huge losses in 2008 of Rio Tinto's $14.05 billion trillion investment, Chinalco had to subscribe to shares issued by the company after being "toyed with" by Rio Tinto Group.　　In the case of Chinalco's failure to merge Rio Tinto, the head of a large international accounting firm told CBN reporters that in the course of the deal, political factors were initially decisive in opposition, and that economic factors were holding back the deal as capital markets warmed up.　　In fact, not long after Chinalco launched a capital injection of Rio Tinto, minmetals to buy Oz mining, and Hualing Group's takeover of FMG iron ore, the merger and acquisition cases were subjected to an "extension door" by the Australian government. Australian opposition and nationalists believe that "China's state-owned companies represent the Chinese government, behind the will of the Chinese government, the Australian company to sell to the Chinese government rather than China, because the funds behind the state-owned enterprises is unlimited, violating the principle of fair competition in the market economy." These voices have largely hindered the middleThe process of overseas acquisitions by Chinese companies, although Hualing Group's acquisition of FMG and Minmetals has been successful, but it is much harsher than the initial plan.　　In this regard, the State Council, Li, director of the 2009 Global intelligence Couphen, said that at present, China's state-owned enterprises, especially most of the assets have been listed, not wholly state-owned, so "the listed companies as state-owned enterprises" is an ignorant expression. He stressed that cross-border mergers and acquisitions is the inevitable demand for China's large enterprises to accelerate development, China will also create a good environment to support enterprises to carry out cross-border mergers and acquisitions. At the same time, Li also reminded Chinese enterprises, in the process of cross-border mergers and acquisitions, should do their best, combined with their own reality and situation, effectively carry out cross-border mergers and acquisitions, and comply with local laws and regulations, the implementation of good corporate social responsibility.