"In most tangible way possible, Sinosteel’s takeover said to the world that Chinese state-owned enterprises are now global players that behave like any other company,” said Deacons’ partner Ian McCubbin.
McCubbin led the Deacons team that advised Sinosteel on its takeover of Midwest, and he spoke with CLP after last year’s China Law & Practice Awards where the transaction won M&A Deal of the Year.
While much has changed since last year’s Awards – McCubbin himself can now be found at Norton Rose – the appetite for Chinese enterprises (particularly SOEs) to invest overseas shows no signs of slowing down.
A recent PricewaterhouseCoopers Report stated that Chinese outbound M&A deal activity for the first six months of this year was up by more than 50% compared to the same time period last year. And the positive sentiment is reflected in the value of these transactions, with seven outbound deals...
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