08 Apr '11, 9pm

Asia's rapid rise leaves Aussies little time to shed an antiquated nationalism and accommodate emerging realities:

It may be a disappointment that the Singapore Exchange's (SGX) proposal to merge with the Australian Stock Exchange (ASX) seems fated to be rebuffed, even after major changes from the original deal. But it should not surprise. Indeed for some Asians, the refusal simply confirms their suspicion that Asian acquisitions in Australia face resistance for reasons beyond rational economics. The full picture, however, seems more complex. Australians do not always say "no". There is instead a fluctuating record, depending on domestic resistance from industry and major political constituencies. The Australians are not objecting to a Chinese bid to buy into copper mining company Equinox for US$6.5 billion (S$8.2 billion) but rejected an earlier bid by the same Chinese company, MinMetals, for another mining company. Chinalco's bid for a hefty stake in resource giant Rio Tinto was also...

Full article: http://www.todayonline.com/Singapore/EDC110409-0000302/Ca...

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