Although it most certainly can be said of many State-owned enterprises that they are inefficient behemoths with outdated management practices and that they have and do make a fair number of mistakes when going overseas, I believe that the future will see a turnaround in the financial picture.  It, generally, takes at least 2-3 years for overseas mergers and acquisitions to become profitable. 

Not too many years ago Lenovo made a huge step and many pundits did not believe they could make it work.  Nobody questions the wisdom of that move anymore.

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