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Deals of the year: Asia

Western Europe         Central & Eastern Europe         Latin America        North America


Best M&A deal
Type of deal: acquisition of 50% stake in Dongfeng Motor
Amount: $1.03 billion
Date: September 2002
Advisers: Goldman Sachs (Nissan), CICC (Dongfeng)

Nissan: firm foothold in China

Carlos Ghosn, Japanese motor company Nissan's president, had to be very patient. But after two years' negotiation with Dongfeng Motor Corporation's management and politicians, he finally got a foothold in China's auto industry. It didn't come cheap. For a 50% stake in China's third-largest auto company, Nissan agreed to pay $1.03 billion in cash.

It is one of the largest individual items of foreign direct investment in China, and the largest in its auto industry. Also, for the first time a foreign company has been granted permission to produce vehicles in China. But it's not just Nissan getting all the benefits.

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