Baosteel buys into Aquila, while CIC invests in Canary Wharf

Investments by Baosteel in Perth-based Aquila Resources and by China Investment Corporation into London's Canary Wharf suggest the appetite for offshore acquisitions among Chinese firms continues.

The deep pockets of Chinese acquirers relative to other companies around the world were evident again in two deals announced on Friday. China's largest steel manufacturer, Baosteel Group Corporation, will acquire up to 15% of Perth-based Aquila Resources for $240 million, while state-owned China Investment Corporation will participate in a $1.4 billion bail-out of Canary Wharf developer Songbird.

Baosteel and Aquila inked a memorandum of strategic co-operation and a share subscription agreement allowing Baosteel to buy 43.9 million new...

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