The UK’s Emerald Energy and Nufarm of Australia don’t have much in common, on the face of it. One drills for oil and gas, the other distributes herbicides and pesticides. But both have agreed to be acquired by Sinochem, China’s largest chemicals trader, in strikingly similar deals. The parallels illustrate the growth of outbound M&A efforts by China’s state-owned enterprises.

Both targets are fast-growing mid-caps, run by strong characters who are also the dominant shareholders. Sinochem, sensing willing sellers, struck at a moment of weakness. Nufarm had three profit warnings this year after a slump in the price of its key herbicide, glyphosate, while Emerald lacked cash to upgrade wells in Syria and Colombia. In both cases, Sinochem will leave incumbent management largely intact.