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TRADE WARS
China's Baosteel gets nod for $1.3 bln Aquila takeover
by Staff Writers
Sydney (AFP) May 29, 2014


Tesco says completes Chinese joint venture
London (AFP) May 29, 2014 - British supermarket giant Tesco has completed the creation of its Chinese joint venture, forming the largest multi-format retailer in China, it said on Thursday.

The groups had already revealed plans earlier this year to combine Tesco's 131 branches and shopping mall operation in China, with China Resources Enterprise's Vanguard business that has 2,986 stores.

London-listed Tesco has a 20-percent stake and CRE has 80 percent of the venture, which is the biggest food retail business in China.

"We're very pleased to have completed this historic agreement," said Tesco chief executive Philip Clarke.

"The partnership creates a strong platform in one of the world's largest markets.

"We can now combine our strengths to build a profitable multichannel business, offering our customers in China the best of modern retail."

Tesco, which is Britain's biggest retailer, hopes that expansion into India and China can offset weakness in Europe.

Earlier this year, the company, the world's third-biggest supermarket group, also struck a joint-venture deal with India's Tata Group to become the first foreign supermarket to enter the country's $500-billion (362 billion-euro) retail sector.

The Asian deals are attempts by Tesco to transform its fortunes after suffering in 2012/13 the group's first drop in annual profits for almost two decades.

Tesco is battling weaker sales in main market Britain, and over the past two years has decided to close its failed US division Fresh & Easy and to exit from Japan.

Chinese iron and steel giant Baosteel moved a step closer to securing its Aus$1.4 billion (US$1.3 billion) takeover of Aquila Resources after the Australian government approved the deal on Thursday.

Baosteel Resources Australia, a subsidiary of the Chinese parent's overseas development arm, and Australian rail freight operator Aurizon have made a conditional offer of Aus$3.40 per share in cash for the iron ore and coal firm.

Aurizon said it and Baosteel had been informed by Australia's Foreign Investment Review Board (FIRB) that "there is no objection to the acquisition of Aquila" by them under the offer.

While there are no Chinese regulatory approvals required, the deal must now be approved by Aquila shareholders before it can go ahead.

"We are extremely pleased that the FIRB conditions for this transaction have been fulfilled," Baosteel Resources International chairman Zhihao Dai said in a statement.

"Baosteel believes the transaction, if successful, provides a genuine opportunity for the development of greenfield resources for the benefit of both Australia and China."

Baosteel already has a near 20 percent stake in Perth-based Aquila and has said the takeover is designed to push progress on projects the Australian firm was reportedly unable to secure funding for on its own.

Aquila shares closed one cent higher at Aus$3.52 while Aurizon was flat at Aus$4.94.

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TRADE WARS
China fines foreign eyewear makers; Tesco Completes JV Deal
Shanghai (AFP) May 29, 2014
China on Thursday fined several foreign eyewear makers more than 19 million yuan ($3.1 million) for "price manipulation", the government said, in the latest targeting of overseas firms in the giant market. The powerful National Development and Reform Commission (NDRC), China's top economic planner, launched an investigation last August into alleged violations of anti-monopoly law in the sect ... read more


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