League table: Top ten M&A deals 2009 in China

By He Shan & Yuan Fang
0 CommentsPrint E-mail China.org.cn, December 28, 2009
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6. Yanzhou Coal Mining—Felix

October--acquisition—announced value: $3.2 billion

Yanzhou Coal Mining Co has got approval from Australian government for its A$3.5 billion ($3.2 billion) takeover of Felix Resources Ltd on Friday, after it agreed to operate its local mines through an Australia-based company. Analysts said the deal would boost Yanzhou Coal's production by 10 percent. It is so far the largest successful acquisition in Australia by a Chinese company.

Related reports:

China firm to re-bid for Aussie coal miner

China approves coal mining company's bid for Australian Felix

7. China Eastern Airlines—Shanghai Airlines

December—merger—announced value: $1.3 billion

China Eastern Airlines received official approval from the securities regulator on December 30 to take over its smaller rival Shanghai Airlines in a merger that may see it dominate the Shanghai aviation market.

Shanghai Airlines will exchange one of its A shares for 1.3 shares of China Eastern after the former's shareholders are given a 25 percent risk premium, the latter said in a statement filed to the Shanghai Stock Exchange.

Related reports:

Airlines await final go-ahead for merger

Airline gets official merger nod

8. Xi'an Aircraft of AVIC—FACC

October—acquisition—announced value: $1.42 billion

The majority of FACC, a supplier of composite components based in Ried, Austria, has been taken over by Xi′an Aircraft Industry Company (XAC), part of China's AVIC consortium, and the Hong-Kong-based private equity company Advanced Treasure Limited (ATL). XAC and ATL hold 91.25 percent of the company, five percent remain in the possession of the Austrian holding company ACC Kooperationen und Beteiligungen and the balance is owned by a firm of Walter Stephan, FACC's CEO.

Related reports:

FACC acquired by Chinese aircraft company

9. Minmetals—OZ

June—acquisition—announced value:1.21 billion

Debt-laden Australian miner OZ Minerals announced in April it had signed a US$1.21 billion takeover deal with China Minmetals which would leave it with A$500 million (US$366 million) in cash.

The revised bid is well below Minmetals' original $1.7 billion offer, and excludes the flagship Prominent Hill mine and other "sensitive assets".

The deal was approved by Chinese regulators and Australia's foreign investments review board as well as its shareholders in late June.

Related reports:

Minmetals wins assets bid for OZ Minerals

Minmetals acquisition deal wins OZ shareholders approval

10. Shanda—Hurray!

July 2009—acquisition—announced value:$46.2 million

Shanda Interactive Entertainment Limited (Shanda), a leading Chinese interactive entertainment media company, and Hurray! Holding Co. (Hurray!), a mobile phone and wireless service provider, have reached an agreement according to which a Shanda wholly-owned subsidiary will acquire 51% of Hurray!'s fully diluted shares, priced at $4 per share, about a 25% premium over Hurray!'s closing price on June 5. The deal totals $46.2 million. Both companies are NASDAQ-listed.

Related reports:

Shanda to buy 51% of Hurray! stake

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