Overseas Acquisition Fever

Domestic companies were more active in acquisitions in overseas markets in 2007. The wave of overseas acquisitions started in the financial institutions.

South Africa's biggest commercial bank-Standard Bank-announced on December 3 that an overwhelming majority of shareholders had approved the acquisition of a 20-percent stake by China's biggest lender, the Industrial and Commercial Bank of China (ICBC). The deal would make ICBC the biggest shareholder in the South African bank.

Before ICBC hit the road, the China Development Bank (CDB) has become a major stakeholder in London-based Barclays. CDB agreed to pay 2.2 billion euros for a 3.1-percent stake in Barclays.

China Minsheng Banking Corp., the country's seventh largest lender by market value, is the first Chinese bank to be involved in the U.S. banking sector. It acquired 9.9 percent shares worth of about $317 million of UCBH Holdings Inc.-the biggest bank serving the Chinese community in the United States. Minsheng announced plans to buy up to 20 percent of UCBH's shares if conditions permit.

Ping An of China, the country's leading insurer, bought 1.81 euros worth of stocks of Belgium's Fortis NV in the secondary market, which enabled the insurer to be the biggest single shareholder of the bank.