It’s a “No” from Rio. But a “Yes” for ODI.

Related entries: Corporate News, Investment, News

As we reported on Twitter: “Rio’s says no to Chinese ODI – WSJ: Rio Tinto Scuttles Its Deal With Chinalco http://bit.ly/Ogrf9

This is just the latest news on China’s overseas direct investments (ODI – more here). It may have failed, but others have succeeded, and China’s appetite for resources (and the “odd” brand…like Hummer) is far from being satisfied. Other news in this space includes:

• ODI in overdrive RT @TweetChina: More to Come as China Grabs Resources – Wall Street Journal http://tinyurl.com/nqpeyr 1:10 PM May 29th

WSJ reports that “This time, it’s Metallurgical Corp. of China arranging $3.1 billion in financing for Waratah Coal and taking a 10% stake in the company.”

• ODI on the money – Reuters: China’s CIC ploughing $1.2 bln into Morgan Stanley http://bit.ly/BvyZL 8:09 AM Jun 3rd

Despite having recently burnt fingers (Barclays, Blackstone etc.), China is reaching out into the financial services sector again…for a piece of Morgan Stanley. Someone seems to be seeing green shoots.

• As China (CIC) buys Goldman sells (ICBC) – FT: Goldman raises $1.9bn in ICBC stock sale http://bit.ly/l42eM 8:14 AM Jun 3rd

While the Chinese take a bite out of Morgan Stanley, Goldman has joined those foreign institutions who have been cashing in on their China investments – selling part of their ICBC stake for US$1.9 billion.

• China gets a whole lot more auto – Bloomberg: GM Says It Plans to Sell Hummer to China’s Tengzhong http://bit.ly/vZc0s 8:11 AM Jun 3rd

And finally…a largely unknown Chinese firm in Sichuan is buying the iconic (?) Hummer out of the ashes of GM. Hummers were spotted in surprising quantities in central China. Maybe it’s the potholes? In any case, expect to learn the names of more Chinese companies soon…

2 Responses to “It’s a “No” from Rio. But a “Yes” for ODI.”

  1. Archive » Top Ten Tweets…From the Environment to Environmental ODI, Rejected ODI, Odious Autos and Dodgy Data. And a Bit of Economics & Politics.| China Business Blog Says:

    […] Comment: We have reported recently on China’s ODI activities, and these have stepped up a gear…and stalled in one case. Step forward Rio Tinto. The trend continues however, and more is in our post here. […]

  2. Archive » Don’t Quote Me (The perfidy of Rio)| China Business Blog Says:

    […] We also noted this story last week. […]

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