For outsiders, the logic behind China's outbound M&A spree is hard to divine. Companies from the People's Republic have announced cross-border acquisitions worth $107 billion so far this year. Few bring any of the financial benefits typical of conventional mergers and acquisitions. Synergies are usually absent, and the buyers tend to leave incumbent management in place. Three factors are at play. The first and probably most important driver is the desire to acquire foreign technology and management expertise. Chemchina's $43 billion offer for Swiss pesticide and seed giant ...
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