April 23, 2009

China SWF Refines Its Mission, Looks to Europe

Recent reports that German auto conglomerate Daimler offered to sell a significant stake to China's Sovereign Wealth Fund - the China Investment Corp (CIC) - follow the comments of CIC chairman Lou Jiwei at this year's Bo'ao Forum that the SWF is getting encouraging words from Euro area companies desperate for cash. After being burned by hefty investments in the USA financial sector (Blackstone, Morgan Stanley), CIC is looking elsewhere for investments. Australian mining giant Fortescue has also sought out CIC.

And the announcement that Beijing's State-owned Assets Supervision and Administration Commission will soon form a "CIC 2.0" to invest solely in domestic companies as part of China's central government drive to restructure Chinese business means the CIC may focus entirely on foreign investments...

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