Infocast cited Mr Tan Zhongming chairman of China National Materials as saying that the company is negotiating to acquire several companies in Europe and the US in the manufacturing, equipment production and new material fields with each transaction expected to be valued at between CNY 1 billion and CNY 10 billion.

He said that it is a good time to acquire companies now due to the appreciation of the yuan. In addition, the company is currently in talks to acquire several companies in Tibet.

Mr Kai Junzhi CFO of the company said investments to be made by the company in 2011 may total CNY 10 billion of which CNY 4 billion of the funds needed were raised during the first half of 2011.

(Sourced from Infocast)