The Sale of Rizhao Steel in 2010 by Du Shuanghua
One of China’s most prominent hostile takeovers happened when state-owned steel company Shandong Steel acquired Rizhao. Du Shuanghua, a billionaire, tried to prevent the deal by offering the state a small portion of the company. Due to the risks involved, the deal was canceled. The company was owned by the family of China’s President Hu…