I usally dont blog about the world of business but this just blew me away. The chinese are building up on their economoc ammo. Last year they acquired one of the major Canadian mining company, Noranda, then Lenovo, a chinese computer manufacturer, bought IBM's PC business. We were all sort of surprised. IBM's PC business wasnt doing that great and it was susceptible to take over - but a Chinses company, that was beyond the realms of imagination for some us.
Now, theres an another twist, Unocal, a 100 year old upstream oil exploration company is facing a takeover bid from CONOOC, China's third largest upstream company. The even more ironic aspect of this takeover battle is that CONOOC is rivaling a bid from Chevron, and who doesnt know Chevron!
You must either be going wow, or ok so whatever, the chinese are trying to buy out an oil company. Well hear this - Maytag the famous home appliance company is also facing a take over bid from another Chinese manufacturer, Haier. Those of you in Karachi might recall Haier as the cheap chinese telvesions that were promoted by displays at PSO pumps. Talk about BTL marketing.
Now the Maytag bid is peanuts as compared to the Unocal one ($2.1BN vs. $18.5BN) but the physcological impact is huge.
The chinese, my friends, are taking over the world and you heard it first, on this blog !! :P