New Hope barks up the right tree with pet food deal

China's biggest private agribusiness takes a partnership approach to avoid making a dog's dinner of Aussie M&A deal. It offers valuable lessons for many Chinese buyers.

Dealmakers in China are still in the doghouse at home and abroad, with Beijing showing little intent to take the leash off domestic capital controls and foreign regulators keen to put Chinese purchases to sleep.

Still, China's investors are eager to sniff out quality assets around the world as they look to continue their growth and expand internationally. But capital controls mean remittance for deals has slowed to a halt, while regulators in some jurisdictions have killed even deals that made business sense and offered obvious synergies.

China's biggest private agribusiness firm, New Hope Group, has managed to find a way through the malaise. It is joining...

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