Sinosteel’s $1.2bn tilt at Midwest Corporation always looked bold. Yet the Chinese steel group saw off nationalistic tensions, a rival bid and volatile markets – and is now poised to win control of the Australian iron ore miner this week. Does it open the door to a wave of Chinese takeovers?

Sinosteel is the classic bogeyman of nationalistic folklore – wholly state-owned and spawning fears that China Inc wants to control pricing and production of Australian resources. But its campaign for control was smarter than those waged by previous putative buyers such as oil firm Cnooc, which moved for US rival Unocal. Sinosteel took swift decisions and went hostile early in the process although the deal was subsequently recommended. Rather than keep a low profile, Sinosteel did not hesitate to complain (successfully) to Australia’s Takeover Panel about voting irregularities.