Cross-border deals involving an Asian acquirer are at their highest level for three years as low asset values tempt the opportunistic. The trend is not new, China has been seeking to widen its global influence since the latter half of the past decade, when the markets were hitting peaks and debt was easy money. But almost as soon as these dealmakers stepped on foreign soil, they found their actions could be political dynamite.

The first evidence of this power shift from west to east came in 2006 when an Indian newspaper dubbed the £6.2bn purchase of Anglo-Dutch steelmaker Corus by India's Tata: "The Empire Strikes Back". It was the largest Indian takeover of a foreign company, and began a trend that would see emerging market powerhouses such as India and China come to dominate cross-border dealmaking.