If history is any guide, investors in China’s biggest oil companies may lose out as a record $35 billion in cash is tapped for a fresh round of deals, according to Sanford C. Bernstein & Co. LLC.
Most of their $160 billion-plus worth of M&A during the past two decades has destroyed rather than added to shareholder value, Bernstein analysts including Neil Beveridge said in a report Wednesday. The likely next targets for acquisitive Chinese majors include European exploration and production companies and assets in Russia, Brazil and Africa, they said.
Brazil Energy Insight 
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