"China Inc." Deal Premiums.......
Auch ein Weg wie man die ungeliebten und im Überfluß vorhandenen US $ Bestände wiederverwerten kann..... Die Flucht in Hard Assets wird weltweit sicher noch zunehmen.... Wenig überraschend ist China auf dem Weg zum Ziel im Zweifel jedes Mittel recht ( siehe Oil for China, Guns for Darfur / China and Sudan Fact Sheet ).....UPDATE: Says China should buy gold, natural resources, U.S. land
Is China Inc. Overpaying in Its Merger Deals? WSJ Deal Journal
Deal makers know that to succeed you have to make your assets speak louder than your liabilities. China Inc. is learning that lesson.
Just look at Sinopec’s bid to acquire Swiss oil company Addax, which has a big presence in Africa. The price that China Petrochemical Corp., the Chinese state-owned oil company known as Sinopec, is offering is much higher than usual for the sector, analysts say.
Sinopec’s offer is equivalent to $34 a barrel of proved reserves and $14 a barrel of proved and probable reserves. The African transaction average in 2007, when the average crude price is similar to current prices, was $14.40 a barrel for proved reserves and $9.90 for proved and probable reserves, respectively. On a proved basis, the 2007 average suggests $3.1 billion total value for the deal. Therefore, $7.2 billion implies a 135% premium.
The deal also shows China’s willingness to take risks, as Sinopec would gain a presence in oil-rich but politically sensitive Iraqi Kurdistan as well as offshore West Africa, one of the hottest sectors of the oil world but one that includes Nigeria, where local militants continually harass drillers.
Already this year, Chinese companies have notched 10 deals in the oil & gas space. The total number of oil & gas deals in all of last year was 14
This Sinopec deal, if completed, would be the largest overseas takeover in China’s M&A history in natural resources The deal also would boost the value of Chinese oil & gas mergers and acquisition to $12 billion, up 80% from the same period last year.
> Add this number to the mix ( via WSJ )
> Um das Bild abzurunden sollte man die nachfolgende Summe ebenfalls miteinbeziehen.....
Over the past half-year, China has proffered more than $45 billion in loans to Russia, Brazil, Venezuela and Kazakhstan in exchange for long-term crude supplies.> Very unlikely that this trend will reverse course......
> Wenn man jetzt noch die Reaktion der kommenden "Elite" mit berücksichtigt halte ich es für extrem unwahrscheinlich das sich dieser Trend demnächst ändert...... :-)
As we reported here, Geithner’s attempts to reassure Beijing authorities that the US government was still upholding a strong US dollar policy were met with loud laughter by an audience of students at Peking university.