Bright Food offer refused
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China's business press carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Bright Food offer refused—Beijing Business Today
Shanghai's Bright Food Group said it had made a cash offer of US$1.4 billion for the sugar and renewable energy unit of Australia's biggest raw sugar producer CSR, but it turned out to be Bright Food's wishful thinking after CSR insisted on a break-up selling.
Analysts say CSR aims to raise the offer after splitting the company into two; Bright Food also faces approval hurdles from government.
If the deal is successful, it will be the largest purchase ever made by a Chinese food company. However, Bright Food suffered from shrinking profit margins in the first ten months of 2009, casting doubt on the $1.4 billion bid.
Shareholders join battle for Soueast Motor—Oriental Morning Post
The closely-watched acquisition of Fujian-based Soueast Motor has drawn its shareholders into the competitive battle, as both the Beijing Automotive Industry Holding Company and the Guangzhou Automobile Industry are approaching the automaker for buying.
According to a joint venture contract, Soueast's current shareholders Mitsubishi Motors and Taiwan-based China Motor Corporation have the pre-emptive right to purchase Soueast.
A source close to the purchase says Soueast's robust sales in 2009 are the main reason for the shareholders' new interest.
Mitsubishi Motors is holding a 29.5 percent stake in Soueast, only second to the largest shareholder, Fujian Motor.
Strategic oil reserve completes first phase of construction—China Business News
China has completed the first phase of construction for the strategic petroleum reserve at the price of $58 for a barrel, revealed the director of the National Energy Administration Zhang Guobao at an economic meeting on Sunday.
In 2009, China signed a "loan for oil" deal worth more than $60 billion with countries such as Russia, Brazil and Venezuela. The deal guarantees China will get up to 75 million tons of crude oil each year, equal to 42 percent of China's total oil imports in 2008.
Air China gets pump-priming for acquisition—China Business News
Air China (601111 SS) said last Saturday that it has received 1.5 billion yuan (US$0.22 billion) from the Ministry of Finance to purchase stake from minority shareholders of Air China Cargo, of which Air China previously had a major stake.
