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E-book Balancing Power without Weapons : State Intervention into Cross-Border Mergers and Acquisitions

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Penilaian

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Each morning before sunrise an army of traders arrive at their desks,switch on their screens, and start fielding calls. On most days, the flow oftrades that pass through their hands represents the normal activity of anever-deepening, globally interdependent financial market. These traderscoordinate a complicated international marketplace, where orders usu-ally come from institutional investors motivated solely by the maximiza-tion of profit.Yet, some days are different, and on those occasions this army of civil-ians may receive calls motivated not by profit, but by a different calculusentirely: a calculus based on a long-term understanding of the power ofstates, and of how that power is achieved, managed, and balanced overtime. When that happens, these traders in front of their Bloomberg ter-minals seem more like frontline soldiers manning the radars, as a battlefor national power – where the economy of the nation is understood tobe paramount to its future fortunes – is played out through them.Such battles on the open market do happen. One only need talk tothe traders who witnessed the dawn raid on Rio Tinto’s stock in 2008to understand this. At that time, the Australian mining company BHPBilliton was planning to acquire Rio Tinto, a miner and producer ofiron ore, aluminum, copper, and other metals that was listed on boththe Sydney and the London stock exchanges. China, already the largestimporter of iron ore, showed concern that the combination of Rio andBHP would lead to a near monopoly over the seaborne iron ore importsvital to its growing and industrializing economy, potentially exposingit to price manipulation and/or future reductions in supply.1A com-bined Rio and BHP would have accounted for around 40% of the ironore exported globally, and the bulk of both companies’ seaborne iron oretraveled from their mines in Australia to China and East Asia. Just oneother company, Brazil’s Vale, held an additional 30% of the market shareat the time. Thus, while China was not the only country showing con-cern over the potential anti-competitive implications of the tie-up,2itwas likely to be the most directly affected buyer of seaborne iron ore.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

327 LEN b

Penerbit

USA : Cambridge University Press., 2018

Deskripsi Fisik

378 hlm

Bahasa

English

ISBN/ISSN

9781316855430

Klasifikasi

327

Tipe Isi

text

Tipe Media

computer

Tipe Pembawa

online resource

Edisi

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Subjek

International Relations

Info Detail Spesifik

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Pernyataan Tanggungjawab

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Versi lain/terkait

Lampiran Berkas

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