Chinese acquirers feel unprepared for cross-border acquisitions and are lowering their ambitions, according to a new report published by the Economist Intelligence Unit. The report, A brave new world: The climate for Chinese M&A abroad, was sponsored by China International Capital Corporation, Accenture and Clifford Chance, and was based on an online survey of 110 Chinese business executives.
Of the survey respondents, 82% identified their lack of management expertise in handling outbound investment as the biggest challenge facing Chinese companies. Only 39% felt they knew what is required to integrate a foreign acquisition.
The survey’s analysis of outbound deals worth over US$50 million that took place between 2004 and 2009 showed that half of such deals involved the Chinese party taking a majority stake in their target.
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