Beijing Capital buys NZ waste management firm

Beijing Capital surprises the market with its nimble $793 million acquisition of Transpacific’s New Zealand arm, as corporate China's globalisation push continues apace.

The rush of Chinese companies expanding overseas continues, with state-owned Beijing Capital Group the latest to invest abroad after it struck a NZ$950 million $793 million deal to acquire Transpacific Industries Group’s New Zealand business.

State-run Chinese firms have a reputation for moving slowly on acquisitions but Beijing Capital beat  other bidders in an auction, surprising the market with its nimbleness.

According to one source familiar with the matter, Beijing Capital moved quickly after looking at the waste management firm in the last quarter of 2013. SOEs now know what they want and are willing to pay when it comes to strategic...

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