Recent trends in Chinese acquisitions in Italy

Abstract

This thesis describes the increasingly relevant phenomenon of Chinese foreign direct investments, specifically in the form of mergers and acquisitions (M&As) of companies in the hosting country. The purpose of this thesis is to outline the framework and trends of occurrence of Chinese mergers and acquisitions, with a particular focus on their implementation in Italy, and, to a lesser degree, in Europe, and to highlight the reasons, and the development concerning this type of investment. The first chapter, therefore, describes the characteristics and the process of acquiring a company in its various aspects, in a generic way, as an introduction to the actual body of the thesis, contained in the subsequent chapters. As for the second chapter, it has been depicted how China has been acquiring an increasingly crucial position in international markets, by expanding globally through both its state-owned enterprises (SOEs) and privately-owned enterprises (POEs), which invest according to the regulations and objectives indicated by the government. A brief overview of Chinese investments in Europe is provided, underlining which sectors are involved, and the reasons guiding them, as well as the concerns caused in European authorities, and the relative conjunct initiatives taken by them. The Italian situation concerning Chinese investments is also outlined, indicating the legal context governing the operations, the industries and geographic areas of destination, as well as the pros and cons and reasons of investing in the peninsula. In the third chapter, a general overview of the main Chinese acquisitions in Italy is provided, trying to understand who the actors of these deals are, their goals and the areas in Italy they have chosen to operate in.