The first is that multinational companies have accelerated the pace of acquiring shares in Chinese companies. Cooper Tire & Rubber Company acquired a 51% stake in China Cooper-Chengshan Auto Tire Co., Ltd. on January 25th. The latter had sales of US$500 million in 2005. In February, J. M. Huber acquired Shandong Golden Millet Bio-Products Co., which produces xanthan gum. Canada’s PCS Corporation also subsequently announced that it had acquired a 10.01% stake in Sinochem Hong Kong Holdings, which increased PCS’s stake in the company to 20%.
Oman Petroleum announced in February that it had acquired a 30% stake in aromatics producer Qingdao Lidong Chemical Co., Ltd. from LG Aromatic (Singapore) Co., Ltd., thereby holding 60% of its shares to become the latter's largest shareholder. Hongxing Chemical Group (Qingdao) holds a 10% stake in Lidong Chemical. The joint venture is building a Qingdao aromatics complex that includes 700,000 tons/year of paraxylene, 250,000 tons/year of benzene and 150,000 tons/year of toluene.
Foreign chemical companies have also accelerated the overall speed of the acquisition of some Chinese companies in the near future. Degussa Building Materials Systems (Beijing) Co., Ltd., a wholly-owned subsidiary of Degussa (China) Co., Ltd., acquired all assets of Beijing Huiqiang Admixture Co., Ltd., a major producer of Chinese concrete admixtures, in February. Degussa has been producing additives in China since 1988. It has two operating plants in Shanghai and 11 branch offices throughout China. In the United States, Ashland purchased the China Water Treatment Company, Nanjing Clean Environmental Protection Company, in March to form Ashland (Nanjing) Chemical Corporation, which mainly produces water and environmental products, as well as water supply control and monitoring equipment.
At the same time, the cross-border mergers and acquisitions of Chinese chemical companies also started successfully. China National Chemical Corporation's wholly-owned subsidiary, Bluestar (Group) Corporation, completed the acquisition of 100% equity interest in France's Andi Su Company on January 17. Adisseo is mainly engaged in the production of methionine, vitamins and bio-enzyme products. It has five major production plants in the world and its distribution network covers 140 countries and regions in the world. It is reported that the acquisitions of other companies are also in full swing.
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