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HONG KONG, MAY 27: China Mobile may be close to finalising the country's biggest overseas investment, sources say, as it is poised to pay around $5.3 billion for Nasdaq-listed, emerging markets-focused operator Millicom International Cellular SA.
Last year, Chinese firms made overseas acquisitions worth $9.18 billion, more than double the $3.8 billion in 2004 and versus less than $2.2 billion in 2003, according to Dealogic.

Following are some of the biggest acquisitions by mainland Chinese firms to date:

Buyer Target Year Price:

1. CNPC PetroKazakhstan 2005 $4.18 bn

2. Lenovo IBM PC business 2005 $1.25 bn

3. China Netcom PCCW Ltd. (20 pct) 2005 $1 bn

4. Shanghai Auto Ssangyong Motor 2004 $500 mn 5. BOE Hynix Semi flat-screens 2003 $380 mn

Chinese state energy firm CNPC International Ltd. agreed last year to pay $4.18 billion to buy PetroKazakhstan, the Canadian oil company operating in central Asia, in what is still the largest overseas acquisition by a Chinese firm.

Top Chinese computer maker Lenovo bought the personal computer business of US giant IBM in 2005, making it the world's third-largest maker of PCs.

In January 2005, the parent of overseas-listed China Netcom bought a 20 per cent stake in PCCW Ltd., Hong Kong's largest fixed-line phone company, for $1 billion.

Shanghai Automotive Industry Corp. (SAIC), China's top car maker, agreed in October 2004 to buy a controlling 48.9 per cent stake in South Korea's Ssangyong Motor Co. for about $500 million. SAIC is the main partner of General Motors and Volkswagen AG in China.

Former TV-parts maker BOE Technology Co. completed its purchase of Hynix Semiconductor Inc.'s flat-screen display unit -- the world's ninth-largest liquid crystal display maker -- in February 2003.

BOE also bought 26 percent of TPV Technology, the world's second-largest maker of monitors, for HK$1.05 billion ($135.2 million) in 2003.

TCL Corp. and Thomson SA combined their TV and DVD businesses to create the world's top maker of televisions, cranking out 18 million TVs a year. The venture, two-thirds owned by TCL, is expected to become fully owned by TCL's Hong Kong unit by 2005.

Another TCL unit launched a venture with Alcatel SA to make and sell handsets. The Chinese firm will contribute about 55 million euros ($74 million) and take an initial 55 percent stake in the venture. Under the deal, Alcatel will be able to sell out of the venture in exchange for TCL shares in four years' time, while TCL gets an option on Alcatel's stake, in exchange for TCL shares, in five years.

Not all has been smooth sailing:

Chinese offshore oil specialist CNOOC Ltd. last year failed to buy US energy producer Unocal for $18.5 billion.

Top Chinese appliance maker Haier Group fell short in a joint $1.28 billion bid, with buyout firms Bain Capital and Blackstone Group, for US rival Maytag Corp.
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