user: Problem: Richard Dean Anderson

6d 12h ago By Nancy Mills, Special for USA TODAY

Sarah Shahi started her professional life as a cheerleader. It was a career move, not a lifestyle choice.

of X-Files as different characters, which was a big deal to the fans.” “Then Stargate was just pure fun. I love Richard Dean Anderson a lot and we had a great time. Then they kept bringing me back every five years to bring the character back. And I thought

not often an actor gets to play one role with iconic geek cred, let alone three. But Richard Dean Anderson achieved that amazing track record playing every maker’s hero, Angus MacGyver, then Ernest Pratt, the writer turned old-west hero in the short-lived

1919; actor/singer Chita Rivera in 1933 (age 78); actors Gil Gerard in 1943 (age 68), Rutger Hauer in 1944 (age 67) and Richard Dean Anderson in 1950 (age 61); Princess Caroline of Monaco in 1957 (age 54); and actors Gail O'Grady in 1963 (age 48) and Tiffani-Amber

singer Jerry Lawson (The Persuasions) is 67. Sen. Thomas R. Carper, D-Del., is 64. Singer Anita Pointer is 63. Actor Richard Dean Anderson is 61. Rock musician Bill Cunningham is 61. Rock singer Robin Zander (Cheap Trick) is 58. Los Angeles Mayor Antonio Villaraigosa

is 90. World War II veteran Tommye Bertero of Austin is 89. World War II and Korean War veteran Fred West of Austin is 87. Actor Richard Dean Anderson is 61. Princess Caroline of Monaco is 54. Singer Anita Baker is 53. Actress Tiffani Thiessen is 37.

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Summary: Collection of all USATODAY.com coverage of Richard Dean Anderson., including articles, videos, photos, and quotes.


Problem: Where China Goes, Banks Will Follow

China outbound mergers and acquisitions have come a long way since Lenovo purchased IBM's laptop business in 2004. While the jury still may be out on that deal, yes even six years later, there is no doubt that China's outward M&A deals have increased dramatically in recent years both in dollar terms and the number of deals closed. As a percentage of total M&A activity, outward bound deals are catching up, with one estimate showing an increase from 8.5% in 2007 to nearly 25% in the first three quarters of 2009. After a banner year in 2009, when Chinese firms found themselves positioned well compared to their cash-strapped counterparts overseas during the recession, the prospects for 2010 are rosy.

However, ever-increasing numbers are only part of the story. Financing options have also come a long way, with the Chinese government doing its part to ensure that the transactions important to its economic development and foreign policies can be facilitated by Chinese financial institutions.

This financing story should not be painted with the same brush as the current narrative regarding the "re-nationalization" of some Chinese industries to the detriment of foreign investors. In contrast, the outward M&A financing framework can be characterized by its (comparative) liberalization, the additional options made available as the sector matures and the modernization of the regulatory sector as it catches up to the needs of industry. (My recent China Hearsay post on China's increasing willingness to work with the World Bank/IFC on projects discusses a minor example of greater flexibility.)

Up to now, financing of China outbound deals have been dominated by cash-rich players, including private equity and sovereign wealth giants in addition to state-owned Enterprises. But while China Investment Corporation (CIC), China Development Bank and state-owned energy companies will continue to be big players, other enterprises will be making outward moves using diversified financing.

One of the most important regulatory steps for domestic M&A financing took place in late 2009, when China's banking watchdog put into place an approval regime:

The China Banking Regulatory Commission (CBRC) issued the “Guidelines for Risk Management of Merger and Acquisition Loans by Commercial Banks” (Guidelines) on December 9, 2008. They went into effect that same day. The Guidelines allow qualified Chinese commercial banks to provide commercial loans to acquirers to finance merger and acquisition (M&A) deals. Until issuance of the Guidelines, financial institutions had been prohibited from directly financing acquisitions. Issuance of the Guidelines marks a major step forward from past prohibitions on leveraged acquisitions.

The M&A transactions covered by the Guidelines include equity acquisitions, subscriptions for new equity issuances, asset acquisitions, assumptions of liabilities and other transactions which enable one entity to merge with or to obtain control of another entity (Article 3 par. 1). Acquisitions can be effected through existing operating companies or special purpose vehicles (Article 3 par. 2). Loans may be used for cross-border transactions (Article 8 par. 2).

Granted, the CBRC rules give the government a great deal of discretion over specific deals, a characterization one could also make with respect to the strict oversight regime of the 2006 M&A Law and the 2008 Anti-Monopoly Law. This approach may yet prove to be a hindrance in the future, particularly if proposed deals are seen as objectionable or somehow run counter to stated government policy. A recent example would be the Tengzhong acquisition of Hummer, which some suggest was scuttled, at least in part, because it would have reflected poorly on China's efforts on the environmental front.

The opportunities are out there, Chinese enterprises are willing buyers and there has been movement on the regulatory front. What about the banks?

In addition to their own ramped-up activities, which are projected to continue in 2010, Chinese banks appear ready to follow their clients to new markets and position themselves to capture a greater share of inward deals as well:

Ma Weihua, president and chief executive officer of China Merchants Bank (CMB), said he wanted to see Chinese banks elevate their level of globalization in the context of expedited overseas expansion of Chinese companies during his bank's recent road show in the United States. He said CMB would pursue this process ambitiously but cautiously.

The branch is attaching increasing importance to the loan business for Chinese companies during their overseas merger and acquisition activities. It just completed a big deal for a Chinese State-owned conglomerate but declined to reveal its name.

"The most fundamental motive to globalize our bank is to support Chinese companies' overseas growth and to provide the same quality service for foreign companies as well when they come to China," Ma said.

If that last sentence does not strike a small measure of fear into the hearts of foreign financial institutions, I would be surprised. Similarly, as enterprises move outward and are followed by their bankers, it's only a matter of time before their lawyers, accountants and other service providers follow suit.

As CMB's Ma summed it up: "Our customers have now made a move out of the country. Shouldn't we follow?"

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Summary:

assistant: The uptick in China's outbound M&A has implications for finance, law and other business services.