China seeks Europe takeover targets

A high-level Chinese business delegation will head for Europe this weekend to explore acquisition targets, the first mission of its kind, state media reported Wednesday.
The delegation will look mostly at companies with a strong record in manufacturing, clean energy and environmental protection, while financial firms are unlikely to be on the shopping list, the China Daily said.
"We will be exploring opportunities for financial participation in European companies," said Commerce Minister Chen Deming, who headed a just-returned mission to Europe charged with buying high-technology equipment.
That trip -- to Switzerland, Germany, Britain and Spain -- netted more than 13 billion dollars in deals.
The upcoming tour will cover a number of nations, including Britain, but not France, according to the Oriental Morning Post, which gave no further details.
The Ministry of Commerce had no comment on the trip when contacted by AFP.
China's growing appetite for mergers and acquisitions makes sound business sense, according to Li Jian, a researcher with the Chinese Academy of International Trade and Economic Cooperation.