Attempts by foreign interests to buy large companies at the forefront of a nation’s commercial life often arouse strong protectionist feelings. When the buyer is an overseas government, the resistance may be stronger – especially if the target has strategic significance.

So it is no surprise that the arrival in the US and Europe of state-backed foreign investors with enormous amounts to spend on corporate acquisitions has caused a frisson among politicians and business interests. Countries such as China, with fast-growing foreign exchange reserves, are following the lead of those where savings stem from extracting oil and other commodities in creating sovereign wealth funds to invest in advanced economies.