By the time the new millennium rolled around, Asian companies participating in auctions for Western assets was no longer a rarity. Asia had a number of home-grown companies which were globally competitive and keen to expand beyond their own geographical boundaries. Banks in the region were flush with funds and eager to support these global aspirations. And a series of cross-border acquisitions by Indian companies like Dr. Reddy's and Tata Tea, as well as Chinese companies like Lenovo and CNOOC followed.
But Tata Steel's $12.2 billion acquisition of UK-based steel manufacturer Corus in 2007 still created waves in financial markets across the globe. Tata Steel went after a...
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