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German companies continue to be the prime target for Chinese investors in Europe
Chinese companies have already spent $ 15 billion in acquisitions and investments in Europe this year, including $ 10 billion in Germany, according to a EY consulting firm study, After adverse political winds, tensions with the United States could now 'lead to a greater willingness in Europe to involve Chinese investors,' said Yi Sun, an expert in the field. EY China.
The entry of the automaker Geely at Daimler, followed by the acquisition of the French video game maker Ubisoft by the Internet giant Tencent and the ongoing acquisition of the Bavarian automotive supplier Grammer by Ningbo Jifeng, was the largest in Europe. The number of acquisitions and the volume of investment in Europe are now lower than in previous years. But "if in Europe, an attractive company is considered a redemption target, it's still a Chinese company among the interested," said Yi Sun. In Germany, Chinese investors took fourth place behind investors from the United States, Great Britain and Switzerland. Currently, they are mainly interested in industrial enterprises, but they are also buying more and more goods and consumer goods.
However, headwinds have increased: companies and high-tech energy providers are more concerned. a sale of know-how, "said Yi Sun. At the same time, sellers have become more cautious – they have often demanded high guarantees from Chinese buyers even when signing the contract. Bank guarantees for Chinese investors are now more difficult to obtain. And sometimes investors from the People's Republic should make concessions in terms of jobs and headquarters, said Yi Sun.
Some important transactions have failed or are still in progress. Thus, the Portuguese energy provider EDP rejected a Chinese buyout offer for $ 11 billion, in Germany, the entry of the state-owned Chinese state grid at the manager 50 Hertz network has not been canceled. Yi Sun: "Many deals have again affected insolvent companies this year." Even for medium-sized German companies, which could not handle the expansion expected by their customers, Chinese partners would offer themselves. / rol / DP / fba
STUTTGART / MÜNCHEN (awp international)
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