Word: stake
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...years ago, the Chinese called it their "Going Out" strategy. State-owned companies in key industries were being encouraged by the government to plant the flag of Chinese capitalism around the world by purchasing stakes in foreign companies. China was booming, flush with cash and full of optimism - naive optimism, it turned out. In 2005, China National Offshore Oil Corp., China's oil and gas giant, tried to buy Unocal, the American oil company, and learned just how xenophobic Washington could be: the deal was called off after strident objections from congressional leaders. Two years later, Beijing's fledgling sovereign...
...biggest foreign purchase any Chinese company has ever made. China Minmetals, another state-owned firm, said it would pay $1.7 billion in cash for Australia-based Oz Minerals, the world's second largest zinc miner. On Feb. 23, Hunan Valin Iron & Steel Group of China purchased a $771 million stake in Australian iron-ore exporter Fortescue Metals Group...
...just minerals Beijing is now frantic to buy. On March 3, China National Petroleum Corp. agreed to buy Calgary based Verenex Energy, which has a 50% stake in a huge Libyan oilfield, for $390 million. The China Development Bank and China Petroleum & Oil Corp. last month invested $10 billion in Petrobras, Brazil's state-owned oil company and the prime operator in one of the most promising new offshore fields in the world. The deal gives Petrobras capital to further develop the fields. In return, China will get 100,000 to 160,000 barrels of oil a day over...
...assurance that it won't need more. Monday morning, AIG reported a colossal loss of $61.66 billion for the fourth quarter of 2008. Citigroup also cast its own dark shadow with news last week that the government will convert preferred shares it owns for up to a 36% stake in the troubled financial services firm...
...China's shopping spree has gone far beyond oil. The Australian government is examining a bid by the Aluminum Corp. of China or Chinalco to buy an 18% stake of the heavily indebted minerals giant Rio Tinto, for about $19.5 billion. It is also considering a bid by the Beijing trading company Minmetals to buy Australia's mining company Oz Minerals for about $1.7 billion - enough to wipe out that company's debt. Meanwhile, Chinese president Hu Jintao made a five-country swing around Africa in early February, signing deals in Tanzania and Madagascar on agriculture and telecommunications, and promising...