State-owned entities increase outbound activity

Beijing Automotive Industry Holding Co (BAIC) is said to be planning a bid for Opel, a unit of General Motors. Meanwhile, it has been reported that China National Petroleum Corporation (CNPC) is interested in YPF, an asset of Spanish oil company Repsol.

BAIC is a state-owned enterprise which has established joint ventures with several overseas auto makers, including Jeep and Daimler-Benz. It has just announced a merger with Fujian Motor Industry Group. CNPC is also state owned and is the country's largest oil and gas producer and supplier. It is the parent company of PetroChina which is listed in Hong Kong, New York and Shanghai.