Word: australia
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...ironically) because of a huge government spending binge in China that has had companies here frantically restocking their supplies of copper, iron ore and other commodities used in industrial production. "The biggest driver of discontent [with the Chinalco deal] among Rio shareholders," says Grant Craighead, managing director of Australia-based independent research group Stock Resource, "was that the deal was being struck close to the low point in the current financial crisis. Over recent months the market decided that the worst of the crisis was over, and life's likely to get better. The Chinalco deal went from looking like...
...That may be true, but the outcome is going to leave a bitter taste in the mouths of some Chinese executives and policymakers. They are all too aware that this proposed Chinese investment had become a big political football in Australia - in a manner, indeed, that dwarfed the fireworks in the U.S. when state-owned CNOOC tried to acquire UNOCAL. Opponents of the Australia deal went so far as to sponsor television commercials that actually invoked the June 4, 1989 massacre in Tiananmen Square. A banker close to the Chinalco side of the deal said management there was "deeply disappointed...
...decision to walk away spared the government of Kevin Rudd, the Mandarin-speaking Prime Minister of Australia, from having to make the tough decision as to whether to let the Chinalco investment go forward. After the Rio announcement, Rudd made a point of saying that Australia was very much open to foreign investment, and then met in Canberra on Friday with Xiong to reinforce the point. Analysts say the government was likely to approve the investment, but only after imposing what surmised would be "tough conditions." It s still unclear what those "conditions" might have been...
...been waived through much more quickly - before commodity prices recovered? Now, far from gaining access to a giant iron ore reserves, Chinalco has to watch the two biggest producers in the world - BHP and Rio - do a joint venture with their reserves in the famed Pilbara region of western Australia. It's no wonder that the executive director of China's iron and steel institute was warning about a possible "monopoly...
...Rudd insists Australia remains open for investment from all comers. And that may well be true. But whether the Chinese remain interested in Australia might be another story. Recently, Fu Chengyu, the CEO of CNOOC and the man who tried to acquire UNOCAL in 2005, told reporters from TIME and Fortune that his company was still keenly interested in overseas investments. And then added, smiling, "though not in North America...