Chinese companies buying up foreign groups at alarming rate

(TRUNEWS) Chinese groups are scooping up foreign and U.S. companies at a record rate.

According to Business Insider, lawmakers are concerned about the growing trend, so 45 members of Congress signed a letter to the Treasury Department asking them to take some action.

Also in the past few weeks, Haier has purchased General Electric’s appliance division, Zoomlion has bid for Terex Corp., and ChemChina made a deal for Syngenta, a pesticide group.

So far this year, more than 100 deals have been announced, valued at more than $81 billion. Last year there were 72 deals worth $11 billion.

The letter to the Treasury requests the Committee on Foreign Investment in the United States look into one of the purchases by Chongqing Casin Enterprise Group (CCEG), which has agreed to acquire the Chicago Stock Exchange.   One of the concerns is that it would give China direct access to the $22 trillion U.S. equity marketplace.

Full article: Chinese companies buying up foreign groups at alarming rate (TruNews)

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