IN BRIEF (Page 24)

Outbound mergers, acquisitions hit record

Chinese outbound mergers and acquisitions hit a record in the first half of 2016, benefiting from smooth financing in the A-share market and the rise of financial investors, according to a report from PricewaterhouseCoopers on Aug 10. There were 493 outbound M&A deals made in the first six months, an increase of 178.5 percent year-on-year. Their value totaled $134.3 billion, an increase of 346.2 percent, more than that of the previous two full years combined, PwC data showed. Even after deducting China National Chemical Corp's $43 billion bid for Swiss group Syngenta AG, the biggest ever outbound M&A deal by a Chinese buyer, the value of the activity grew by 203.3 percent year-on-year.

BHP launches Shanghai app hub

BHP Billiton Ltd, one of world's largest mining companies by market capitalization, has launched its new Mobile Applications Hub in Shanghai, in order to help its global operations enhance their productivity, increase efficiency and reduce costs. Diane Jurgens, chief technology officer of the Anglo-Australian multinational, said the new hub is one example of the potential for technology innovation to improve the way the company works and benefit people and the company. BHP Billiton's mobile apps hub in Shanghai will also support the company's work with its China partners, such as steelmakers, to improve visibility of the entire supply chain.

China Railway wins Bangladesh project

China Railway Group Ltd won a bid for Bangladesh Padma Bridge Rail Link Project with a total contract value of 20.81 billion yuan ($3.13 billion; 2.8 billion euros), according to an announcement on Aug 9. The construction contract, signed with Bangladesh Railway, accounts for 3.33 percent of CREC's latest revenue. The new line, starting from the existing Dhaka station to Jessore, will reach a total length of 168.6 km and will help reshape the Southwest Bangladesh railway network.

Shanghai business buys Aussie resort

Shanghai-based China Capital Investment Group has bought an island resort at the heart of the Great Barrier Reef in Queensland, Australia, for about A$25 million ($19.27 million; 17.28 million euros). The South Molle island resort in Whitsundays had been put up for sale by owner Craig Ross in April, Fairfax Media reported. "The sale includes 12 hectares' developable beachfront land, including a frontage of more than 600 meters of one of the only sheltered north-facing white sand beaches in the region and a secluded 15-hectare parcel in the middle of the island, surrounded by national park," the report said.

Anbang denies InterContinental bid

Anbang Insurance Group Co, which tried to buy a US hotel company in March, denied a report that it's considering a bid for United Kingdom-based InterContinental Hotels Group Plc, owner of the Holiday Inn and Crowne Plaza brands. Anbang has no plans to make a bid and is not considering an offer for InterContinental, said Chris Winans, a spokesman for Anbang at the public relations firm Hill & Knowlton Strategies. He declined to make any further comment.

Midea to hold 95% of Germany's Kuka

China's home appliance manufacturer Midea said on Aug 8 that it was taking a 95 percent holding in German robotics maker Kuka. Midea will hold 37 million shares, 94.55 percent of Kuka, after the bid is settled. Kuka shareholders who have not yet tendered their shares will be unable sell their stake to Midea now as the bid has expired, according to a statement from Midea. Midea announced the bid on June 16, offering to pay 115 euros ($127) per share. It held a 13.5 percent stake in Kuka before the bid. One of the world's top robot makers, Kuka, founded in 1898 and based in Augsburg, has a workforce of 12,000. Its 2015 revenue was nearly 3 billion euros.

( China Daily Africa Weekly 08/12/2016 page24)