by Chan Akya, Oct. 28, 2006 – The recent announcement of a bid for a British-Dutch steel company (Corus) by India’s Tata group has passed without raising much hue and cry in the United Kingdom or the Netherlands. The tempered reaction contrasts with the noise raised by French and Belgian lawmakers against a proposed takeover of Arcelor by Mittal earlier this year, which resulted in a transaction despite their objections – in other words, Mittal impressed shareholders enough to override political objections.
These successes by Indian businessmen are in contrast with the more labored path that Chinese companies find themselves exposed to when trying to buy foreign companies. US Congress members raised a ruckus when the China National Offshore Oil Corp (CNOOC) attempted to take over Unocal last year, and when Haier attempted to buy Maytag. In both cases political opposition culminated in the bids being withdrawn by the Chinese companies. (Read the rest of this long article on Asia Times online).