How does the current deal environment in China compare with elsewhere right now?
A year ago, in the darkest days of the financial crisis, we expected to see a major drop-off in deals, particularly around the Chinese New Year. It didn’t happen. In fact, since then, Chinese M&A activity in the energy and minerals areas has been comparable to previous years. And it continues to grow. What do the recent deals you’ve done for Sinopec say about the dealmaking climate in China? Both show how very determined the Chinese are to acquire oil and gas and mineral resources. The Chinese have the cash to buy companies, and they have a clear idea of what they’re trying to do. They see international opportunities and they go for them. They’re focused, and they’re organized. How is deals work different in China than in other countries? The Chinese are very personal-relationship oriented, particularly with their choice of advisers. They are more straightforward in the way they negotiate. The language barrier of course is always a factor. Also, the deals tend to be very global. Here w
