Special Mayne Report edition: inside Australia’s woeful foreign ownership performance

In some unique Mayne Report research for The Constant Investor, today’s special edition looks at the level of foreign ownership in corporate Australia. With Westfield’s international assets about to be sold and a takeover bid for Santos, we’ve updated some startling lists looking at all those foreign corporates who have ploughed into Australia over the years.

Former Victorian Premier Jeff Kennett might not have agreed to sit down for a chairman interview but he remains a regular and always entertaining sparring partner on Twitter. Whether it be the Amber Harrison situation at Seven West Media or his beloved Hawthorn Football Club remaining the most heavily into poker machines of all 18 clubs, Jeff is usually up for a public conversation and never minces his words.

Sometimes his tweets are quite surprising, like this one from last Thursday:

“A national sadness and disgrace that as a nation we have no national water and agriculture policy that has led today to the sale of Murray Goulburn to Canadian interests. Control of our best productive agricultural interests are being lost off shore. We will live to regret.”

This is the Premier who happily broke up and sold off Victoria’s entire state-owned gas and electricity sector in a series of largely offshore trade sales that raised $30 billion in the 1990s. It was the right call at the time and Victoria’s public sector finances never looked back, although all that foreign ownership did also somewhat complicate climate policy in more recent years.

Fast forward 20 years and truth be known, it was Murray Goulburn’s poor governance and numerous commercial blunders which led to the $1.3 billion Saputo sale that was approved by shareholders last week.

However, Murray Goulburn is just the latest in a long line of ASX-listed companies to fall into foreign hands, something which is becoming increasingly politically sensitive.

Indeed, last week’s $13.5 billion Harbour Energy takeover bid for Santos will be an interesting test for the Turnbull Government and I wouldn’t be surprised to see it blocked, just like bids for Woodside, Graincorp and ASX have been rejected in the past. This FIRB risk partly explains the current trading discount to the $6.50 offer price with Santos shares at $5.88 today.

Australia has one of the most foreign-owned first world economies, which is what makes the franking credits debate, twinned with the company tax cut debate, so interesting. Bill Shorten is the first Australian political leader to highlight that a company tax cut will particularly benefit foreign companies. And there are several hundred with large operations in Australia.

Over the years, I’ve maintained a number of lists tracking Australia’s foreign ownership performance and am sharing some of them with you today. At the bottom of this edition there is a 5000-word list of 300 foreign companies which are currently generating more than $200 million a year in revenue from Australia. You won’t see this sort of material anywhere else, as it also includes today’s market capitalisation for almost 100 of them.

Foreign ownership is fine, provided that we are competing well on the global stage and doing plenty of it ourselves. Sadly, we’re not doing nearly enough, although our performance had improved over the years, but is now regressing again with another spate of foreign takeovers.

So, just how many Australian-based companies are generating more than $200 million a year in revenue offshore, whether from exports or foreign-owned operations?  There are less than 100 of these and the list no longer features Murray Goulburn and may soon lose Westfield, Santos and AWE, which are subject of offshore takeovers at the moment.

They are likely to go the way of the following listed companies which used to have impressive offshore operations but have since been taken over by foreign companies. This is not comprehensive by any measure but these 35 names will bring back a few memories:

A sample of former Australian listed companies which got snapped up in foreign takeovers

ABB Grain
Aconex
Ampol Exploration
Arnotts
Ausenco
AWB
Bradken
Corporate Express
Covermore
Excel Coal
FH Faulding
Foster’s Group
Goodman Fielder
Intoll (formerly Macquarie Infrastructure Group)
McCarthur Coal
Metal Manufactures
MIM
Multiplex
National Foods
Normandy Mining
North
OPSM
Pacific Brands
Pacifica
Pioneer International
Programmed Maintenance Services
Queensland Gas
Recall
Rinker
RP Data
TNT
Toll Holdings
UGL
Wotif

As for the Australian companies currently generating more than $200 million offshore, whether from exports or foreign-owned operations, today we’re just going with these 60 names but in the next edition of The Mayne Report on April 23 we’ll have a comprehensive list with links and descriptions of the operations which will hopefully include close to 100 companies. Please email through any names I’ve missed to Stephen@maynereport.com.

60 Australian-based companies currently generating more than $200m pa offshore

AGL
Alumina
Atlassian
Amcor
AMP
Ansell
ANZ
Aristocrat Leisure
Austal
BHP-Billiton
Boral
BlueScope Steel
Brambles
Carsales
Crown Resorts
Cochlear
Commonwealth Bank
Computershare
CSL
CSR
Dominos Pizza
Downer EDI
Dulux Group
Fairfax Media
Flight Centre
Fortescue Metals
Goodman Group
Graincorp
Incitec Pivot
Independence Group
Iluka Resources
Lend Lease
Macquarie Atlas Roads
Macquarie Group
Mincor
Mirvac
NAB
Newcrest Mining
Nufarm
Orica
Origin Energy
OZ Minerals
Qantas
QBE Insurance
Ramsay Healthcare
REA Group
Resmed
Seek
Sims Group
Sonic Healthcare
Suncorp
Telstra
Transpacific Industries
Transurban
Treasury Wines Estate
Visy
Wesfarmers
Westpac
Whitehaven Coal
Woolworths
Worley Parsons

Now, for the really scary list which I’ve spent a solid 8 hours updating over the past two days. Yes, there are now 300 companies on this list of foreign companies generating more than $200 million a year in revenue out of Australia. Where this position was achieved with the assistance of a takeover bid for an ASX-listed company, or the purchase of major assets off a public company, I’ve concluded the entry with an #.

There will be more names to come,  plus some that readers may challenge so feel free to send through your thoughts to stephen@maynereport.com and I’ll keep updating the online version.

300 foreign companies currently generating more than $200m pa out of Australia

3M: US, formerly Minnesota Mining and Manufacturing Company which produces over 75,000 products, including adhesives, abrasives, laminates. 3M has operations in more than 60 countries.

21st Century Fox: US, sells film and television programming into the Australian market and controlled by the Murdoch family out of New York, although Disney has made a recent takeover play. 

AB Inbev: Belgium, world's largest brewer and after taking over SAB-Miller, also the biggest Australian brewer through the old Foster's business.

ABB: Swiss, the engineering giant is a leader in power and automation technologies.

Abbott Laboratories: US, pharmaceutical and broad-based health care company involved in discovering new medicines, new technologies and new ways to manage health. 

Accenture: US, global management consulting, technology services and outsourcing company with forecast 2018 free cash flow of almost $US5 billion.

Accor: France, easily Australia's biggest hotel company, especially after the recent $1.2 billion takeover of Mantra. #

Acer: Taiwan, computer hardware giant which was founded in 1976 and ranks 2nd for total PCs and notebooks globally, although Apple has cuts its lunch.

ACS: Spanish, seized control of Hochtief in 2010, the German construction company which owns a majority stake in Leighton Holdings that is now worth more than $10 billion. #

Adidas: German, for over 80 years the adidas Group has been part of the world of sports on every level, delivering state-of-the-art sports footwear, apparel and accessories. 2017 sales were over 20 billion Euros with operating profit of more than 2 billion Euros. 

AES: US, Victorian and Queensland power stations and is a global power company with generation and distribution businesses in 31 countries and annual revenues exceeding $US11 billion.

Agilent Technologies: US, premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. 2017 revenues of $US4.47 billion and has ticker "A" on New York Stock Exchange.

Agility Logistics: Kuwait, a leading global provider of integrated logistics for business and government targeting $US800 million in EBITDA by 2020.

AIG: US, insurance giant bailed out by the US government during the GFC but still the world's biggest insurance company, including a big operation in Australia.

Airbus Industrie: European, is one of the world's leading manufacturers of commercial jetliners and military airlifters.

Air New Zealand: has at times controlled Ansett and as much as 25% of Virgin Australia, but now just generates direct revenue out of Australia from its annual passenger revenue which exceeds $NZ4 billion amidst record profits.

Airbnb: has taken huge market share off the hotel industry and generated millions for Australian property owners as out-lined in this Domain report.

Alcoa: US, aluminium and bauxite joint venture with Alumina.

Aldi: German, continuing to build a simple low cost rival supermarket format to Coles and Woolworths.

AL-KO International: Germany, engineering and technology company specialising in vehicles and garden products. Major Australian plant is in Melbourne.

Allianz: German, insurance giant that picked up the HIH retail assets.

Amazon: US, world's biggest online retailer with April 2018 market capitalisation of $US680 billion.

American Express: US, provides merchant card transaction acquiring facilities and arranges insurance services issued by various third parties. April 2018 market capitalisation of $US79 billion.

Amgen: US bio-tech and gene company with April 2018 market capitalisation of $US121 billion and global revenues of $US23 billion, more than $200 million of which comes from Australia.

Anglo America: South African, bought Acacia and Shell coal assets plus other operations worth more than $10 billion in total. Generated free cash flow of $US4.9 billion in 2017.

AngloGoldAshanti: South Africa, one of the world's major gold miners with Australian operators focused on Sunrise Dam and Tropicana.

Aon: US, is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting.

Apple: US, the world's most valuable company courtesy of its computers, ipods, ipads and iphones. Had a market capitalisation in April 2018 of $US854 billion.

ArcelorMittal: Luxembourg, is the world's biggest steel company, with operations in more than 60 countries and 2017 revenues of $US68 billion.

Arkema: France, vinyl products, industrial chemicals and performance products. Originally spun out of French oil major Total in 2006.

Asahi: Japan, originally bought 20% of Foster's but now controls the Schweppes business after paying $1.2 billion in 2008. #

Aspen Group: South African-based pharmaceutical company and Africa's largest which in 2010 agreed to pay $900 million cash for Sigma's pharmaceuticals division. #

Astra-Zeneca: UK, discover, develop, manufacture and market prescription medicines globally. Used to be part of the old ICI and had an April 2018 market capitalisation of $US90 billion.

AT&T: US, the world's largest telco, based in Texas, has built a solid Australian business.

Baosteel Group Corporation: China, Baosteel is one of the most profitable steel enterprises in the world including 20 overseas and domestic trading companies.

Bank of America: didn't have a huge presence in Australia but then bought Merrill Lynch during the GFC. Had a market capitalisation of $US300 billion in April 2018.

Banpu: the first Thai company to crack this list after buying Centennial Coal for $2.5 billion in 2010. #

Barrick Gold: Canada, gold giant which acquired rival Placer Dome in 2006 giving it a major Australian presence including in Kalgoorlie.

BASF: German, world's biggest chemical company which had global sales in 2017 of 64.5 billion Euros.

Baxter Healthcare: US, is a global healthcare company applying its expertise in medical devices, pharmaceuticals and biotechhnology

Bayer: German, is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. April 2018 market capitalisation of $US95 billion.

BAT: UK, are part of the world's most international tobacco group with brands sold in more than 180 markets. April 2018 market capitalisation of $US128 billion.

Bechtel: US, one of the world's biggest and longest running family companies and a global giant in engineering, construction, and project management. Leigh Clifford sits on the Australian board, which is a big business as he explained in his chairman interview.

Berkshire Hathaway: US, huge investments, some wholly owned insurance operations, plus a direct investment in IAG. Apirl 2018 market capitalisation of $US483 billion. 

BMW: German, luxury car industry.

BNP Paribas: French bank with 500 people in Australasia and an April 2018 market capitalisation of $US98 billion.

Boeing: US, is the world's leading aerospace company and the largest manufacturer of commercial jetliners and military aircraft combined. April 2018 market capitalisation of $US191 billion.

Bosch: German, electrical and car parts, including old listed Pacifica business which has struggled.

BP: UK, is one of the world's largest oil and gas companies with large stakes in the North West Shelf and a large petrol distribution business which has recently attempted to buy the Woolworths petrol division. April 2018 market capitalisation of $US139 billion. 

Bridgestone: Japan, global tyre manufacturer that also has products ranging from golf equipment to construction materials.

Bristol Myers Squibb: US, bio-pharmaceuticals and research company with a market capitalisation close to $US50 billion.

British Telecom: UK, various telecommunication investments.

Brookfield Asset Management: Canadian firm that paid a hefty $7 billion for Multiplex but kept coming back for more when it bought the old Babcock & Brown Infrastructure. #

BUPA: UK, health insurer that purchased old National Mutual health business and then doubled up by buying MBF. #

Campbell Soup: US, control of Arnotts and Snackfoods. #

Canon: Japanese, photo and office equipment company with market capitalisation of almost $US50 billion in April 2018.

Capital Group: US, this LA-based funds management has grown into a giant since 1931 and has large stakes in many Australian listed companies..

Cargill: US, is an international provider of food, agricultural and risk management products and services which bought the old commodities management business of AWB. 

Caterpillar: US, world's biggest heavy machinery manufacturer with annual sales exceeding $3 billion in Australia. April 2018 market capitalisation of $US85 billion.

CBS: US media giant which bought control of Ten Network Holdings for about $200 million in 2017. #

CED: US, bought cable company Metal Manufactures and so big in electrical products that the ACCC is now vetting its bolt-on acquisitions in Australia such as this 2016 deal. #

Chevron: US, is one of the world's largest integrated energy companies. April 2018 market capitalisation of $US219 billion.

Chemcor: US, the world's largest information provider for the chemical and oil industry. 

China Iron and Steel: owns 40% of the coastal Pilbara iron-ore mine Channar which produces 10 million tonnes a year.

Chinalco: China, ploughed almost $20 billion into 9% of Rio Tinto and also controls the Hong Kong-listed Chalco which developed a $3 billion bauxite mine in far-north Queensland.

China Petrochemical Corporation: China's biggest energy distributor secured 60% control of the Puffin oil field in the Timor Sea.

Cisco Systems: US, the worldwide leader in networking and IT systems. April 2018 market capitalisation of $US196 billion. 

CITIC: Chinese, has a minority stake in the Portland aluminium smelter, large beef interests and also once controlled 20% of Macarthur Coal before selling out.

Citi: US, a leading global financial services company with approximately 200 million customer accounts and does business in more than 140 countries. April 2018 market capitalisation of $US176 billion.

CNOOC: Chinese, government-owned gas company that has 25% of China Gas component of the North West Shelf.

Coca Cola Company: US, owns 30% of Coca Cola Amatil, Australia's biggest beverages company, which is worth more than $10 billion. 

Coleman Asia-Pacific: US, retail, concentrating on outdoor equipment.

Comcast: US, telecommunications and pay-TV giant which also owns NBCUniversal. April 2018 market capitalisation of $US158 billion.

CompAir Australasia: UK, specialising in compressed air equipment and solutions.

Compass group: US, catering giant employing more than 10,000 Australians.

Conoco-Phillips: US, Houston-based energy giant which owns 56.72% of the giant Bayu-Undan gas field and Darwin LNG plant. April 2018 market capitalisation of $US69 billion. 

Constellation Brands: US, bought wine company BRL Hardy which has performed poorly like most wine operations globally. Also owns a big beer business.

Corelogic: US, Californian property data company which completed takeover of RP Data in 2011, valuing the company at about $300 million. #

Corning: Canada, a global leader in telecommunications products and services with 2017 annual sales of $US10 billion.

Credit Suisse: Swiss-US, one of the Big Six global investment banks with a large Australian operation.

Daimler-Benz: German, is one of the world's most successful automotive companies with divisions including Mercedes-Benz Cars and Daimler Trucks. April 2018 market capitalisation of $US85 billion.

Dell Computers: US, established in 1986, are pioneers in the computer industry but suffering courtesy of the Ipad.

Deutsche Bank: Germany, one of the Big Six global investment banks and the biggest bank in Germany. Usually rates in the 100 most valuable companies globally but April 2018 market capitalisation is only $US28 billion.

DHL: German, the world's largest logistics specialist.

Diageo: UK, the world's leading premium drinks business established in 180 markets globally. Annual profits running at more than $6 billion.

Disney: US, the most successful old media business and currently trying to buy much of 21st Century Fox, including Sky PLC.

Dubai World: bought P&O's stevedoring, ports, cold storage and resorts but in 2011 sold 75% of the ports business.

Dow-Du Pont: US, the merged chemical giant of the old Dow Chemical and Du Pont which had an April 2018 market capitalisation of $US148 billion. 

DXC Technology: US, the IT consulting and out-sourcing firm associated with Ross Perot which has enjoyed several large Australian contracts, the biggest of which was with the Commonwealth Bank. Created by the merger of CSC and the enterprise services business of Hewlett Packard.

Ebay: world's biggest online auction site which dominates in Australia and April 2018 market capitalisation of $US38 billion.

Electrolux: Swedish, is one of the world's leading international appliance companies.

Eli Lilly: US, pharmaceuticals, founded in 1876 and is now one of the 10 largest pharmaceutical companies in the world with an April 2018 market capitalisation of $US84 billion.

Emirates: United Arab Emirates, flies direct to Australia and derives large Australian revenues from its successful code-share arrangement with Qantas. 

ENI: Italian, owns 12% of the giant Bayu-Undan gas field and Darwin LNG plant. 

Ericsson: Swedish, is a world-leading provider of telecommunications equipment and related services to mobile and fixed network operators globally. 

Etihad: United Arab Emirates, global airline powerhouse which flies direct to Australia and also owns more than 20% of Virgin Australia, although there has been recent speculation this could be sold. #

Exide: US, bought Pacific Dunlop's old battery business.

Expedia: US travel giant which bought Wotif for $703 million in 2014. #

Exxon-Mobil: US, the world's largest publicly traded international oil and gas company with 50% of Bass Strait and many other assets, although the petrol distribution was sold in 2010 after Coles and Woolies destroyed everybody's margins. Used to be world's most valuable company but now swamped by tech majors. Took over ASX listed Ampol Exploration 20 years ago. April 2018 market capitalisation $US318 billion. # 

Facebook: has quickly emerged as a giant of the Australian advertising business. April 2018 market capitalisation of $US457 billion.

Fedex: also owns the global TNT business which started in Australian before being taken over by Dutch firm KPN in 1996. April 2018 market capitalisation $US62 billion. #

Ferrovial: Spanish services and construction giant which bought Transfield. #

First Data Resources: US, paid $300 million for Cashcard ATM provider.

Fisher & Paykel: NZ, designs, manufactures and markets a range of innovative household appliances.

Fluor Daniel: US, engineering and plant management

Fonterra: New Zealand, the world's leading exporter of dairy products and responsible for more than a quarter of international dairy trade. Bought the old Bonlac assets in Victoria.

Ford: US, global car manufacturing giant.

Fortis: Belgian, financial services which bought ABN Amro's global funds management business.

Frasers: Singapore, paid $2.6 billion for ASX-listed developer Australand in 2014. #

Fuchs Lubricants: Germany, world's largest independent supplier of industrial and specialty lubricants. 

Fuji: Japanese, the world's largest photographic and imaging company. 

GDFSuez: enormous French utility which trades under the name Engie in Australia and controversially shut Victoria's Hazelwood power station in 2015.

General Electric: US, a global infrastructure, finance, machinery and media company. April 2018 market capitalisation of $US113 billion.

General Motors: US, one of the world's largest auto manufacturers, founded in 1908.

GFG Alliance: bought most of the old Arrium business from the administrators in 2017. Is controlled by British-born Indian billionaire Sanjeev Gupta.

GIC: Singapore's sovereign wealth fund which owns more than $2 billion of Australian property

Glaxo-Smithkline: UK, one of the industry leaders, with an estimated 7% of the world's pharmaceutical market. Is the most valuable UK drugs company with April 2018 market capitalisation of 70 billion pounds.

Glencore: Swiss, giant commodities trading house which controls Xstrata and is now Australia's biggest coal miner after Rio Tinto exited the industry.

Goldman Sachs: US, bought JB Were minorities out in 2010 and has a strong Australian business. April 2018 market capitalisation of $US98 billion.

Goodyear: US, one of the world's largest tyre companies. 

Google: US, the largest search engine and one of the largest internet companies which also owns Youtube. Is now a top 5 global company with April 2018 market capitalisation of $US700 billion. 

Grand Hotel Group: Malaysian, as a range of quality hotels in prime locations throughout Australia, New Zealand, Malaysia, Singapore and China.

GVC: UK, online gambling company currently taking over Ladbrokes-Coral which the CVC CEO said has "a fantastic business in Australia". 

Hagermeyer: Dutch, Bought Pacific Dunlop's electrical distribution business. #

HanesBrands: US, giant clothing and textiles company which paid $1.1 billion for Pacific Brands in 2017. #

Heidelberg: German, giant building materials company which bought Hanson so controls the old Pioneer Concrete. #

Heineken: Dutch, world's second biggest beer company.

Heinz: US, the most global of all American food companies. 

Hewlett Packard: US, a technology company that operates in more than 170 countries around the world and was founded in 1939. 

Hilton Corp: US, a leading global hospitality company, with more than 3,500 hotels in 81 countries.

Hitachi: Japan, train systems, power tools and mining equipment are some activities undertaken by this huge conglomerate. Paid $976 million for ASX-listed Bradken in 2017. #

HNA Group: Chinese conglomerate with mysterious ownership connections and big investment in the likes of Virgin Australia and various property assets. #

Hoechst: German, one of the world's leading pharmaceutical companies established in more than 100 countries.

Holcim: Swiss, big global cement player which owns 30% of Cement Australia and paid $2 billion for the Australian assets of Cemex after it paid $16.5 billion for Rinker. #

HomeAway: US, paid $212 million for the Fairfax travel website Stayz in 2013 and competes with Expedia and AirBNB. #

Honda Motor: Japanese, car manufacturer with April 2018 market capitalisation of $US62 billion.

Hospira: US, pharmaceutical company spun out of Abbott which paid $2.6 billion for Mayne Pharma (the old FH Faulding) in 2006. #

HSBC: UK and Hong Kong, global banking and broking giant with a big Australian operation.

Hunan Valin Iron and Steel Group: China, steel manufacturer which is second largest shareholder in Fortescue Metals. #

Hutchison: Hong Kong, telecommunications, ports and power giant which is controlled by billionaire Li Ka-shing and bought the SA power industry giant ETSA, Victoria's Powercor and most recently paid $7.4 billion to take over listed DUET. Also big in ports and controls listed Hutchison Telecommunications. China Light & Power: Hong Kong, owns TruEnergy which recent spent up big buying NSW power assets.

Hyundai: Korea, top performing and quickly growing global auto manufacturer.

IBM: US, one of the world's most influential technology companies with Australian revenues topping $4 billion. April 2018 market capitalisation of $US139 billion.

Idemitsu, Japan: one of the world's biggest privately owned energy companies and owns 85% of the Ensham thermal coal mine in Queensland which produces more than 7 million tonnes a year.

Ingram Micro: in June 2003 CVC bought a 58.5% stake in Australia's largest IT and technology distributor from Hagemeyer in a deal that valued the whole business at $US345 million. The following year US giant Ingram Micro paid $A700 million for the whole business, as CVC more than tripled its equity investment.

International Hotels Group: UK, world's second biggest hotels player after Accor with brands such as Holiday Inn and Crown Plaza.

Intel: US, the largest computer chip manufacturer. April 2018 market capitalisation of $US228 billion

Itochu Minerals: Japanese, mining, energy and engineering.

Infosys: India, defines, designs and delivers technology-enabled business solutions.

Investec: South Africa, specialist banking group that provides a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia.

Iron Mountain: US, paid $3.4 billion for Recall in 2016 after the records management company was spun off by Brambles. #

Jacobs Douwe Egberts: world's largest coffee company after a 2015 merger deal between the old Sara Lee Corp and Mondelez, which was part of the old Kraft-Cadbury combination. 

Japan Post: paid about $9 billion for Toll Holdings in 2015 but it was a disaster as the executive chairman John Mullen discussed in his 2017 chairman interview . #

Johnson & Johnson: US, health products such as bandages, sterile products, founded more than 120 years ago. One of the 10 most valuable companies in the world with an April 2018 market capitalisation of $US344 billion.

JP Morgan: US, one of the world's leading investment banks with a strong Australian operation.

J-Power: Japan, large energy utility which owns small stakes in several Australian coal mines such as Ensham.

Kelloggs: US, two brothers ‘accidentally' discovered a brand new breakfast cereal in the late 19th Century which has developed into an industry leader with a large Australian market share.

Keolis: French transport giant which runs Melbourne's tram network in a joint venture with Downer EDI.

Kia: South Korean auto manufacturer which is lead sponsor of the Australian Open. 

Kirin: Japan, controls Lion Nathan and the old National Foods. #

KKR: US, legendary buy out firm bought Cleanaway from Brambles before on-selling and also joint ventured into Channel Seven with Kerry Stokes amidst dozens of deals over the years. Currently moving into Australia's pubs and pokies sector after buying Dixon business.

Kwok brothers: Singapore/HK, property, Shangri La, Wilson car park business and controversial Wilson security business.

Kyocera Mita: Japan, printers, photocopiers and digital cameras.

Laing O'Rourke: UK, construction firm that bought Barclay Mowlem.

L'Aire Liquide: French, Industrial Gas giant which controls 15 per cent of Australia's $1 billion a year market for industrial gasses.

Lafarge: Swiss, cement/Blue Circle, a world leader in building materials.

Laminex Group: New Zealand, a leading marketer, distributor and manufacturer of laminex products.

Linpac Group: UK, made up of four core divisions which together bring tailored packaging and materials handling products and services.

LogicaCMG: UK, business consulting, systems integration and IT.

L'Oreal: French, cosmetics and toiletries giant with a market capitalisation of more than $US60 billion.

Lucent: US, backbone for web and mobile, bought listed JNA in 1990s. #

Luxottica: Italian, eyewear group bought OPSM. #

LVMH: French, leather goods and drinks.

Malaysia Mining Corp: Malaysia, mining, logistics and infrastructure.

Marriott: US, a leading worldwide hospitality company founded in 1927 with 3100 hotels in 65 countries.

Mars: US, has grown into a global company with six business segments including Chocolate, Petcare, Wrigley Gum and Confections, Food, Drinks and Symbioscience.

Marsh & McLennan: US, the premier global professional services firm providing advice and solutions in risk, strategy and human capital.

Marubeni: Japanese, aluminium, coal and iron ore investments.

Matsushima, Japan: owns 16.25% of the Liddell coal mine in the Hunter Valley which has been expanded to 3.5 million tonnes per year.

Maxxium: Dutch, Maxxium Worldwide is responsible for the sales, local marketing and distribution of ABSOLUT Vodka, The Famous Grouse Scotch Whisky, Jim Beam Bourbon and Rémy Martin Cognac.

McDonalds: US, largest fast food company which is also the largest real estate holder in the world. Has a big Australian operation.
Mercator Gold: UK, own Alan Bond's old Meekathara gold mines.

Merck Sharpe Dohme: US, one of the largest prescription pharmaceutical companies which manufactures and distributes medicines for such ailments as HIV and osteoporosis. Has made a fortune paying CSL a 7% royalty on billions of dollars of Gardasil sales which have largely eliminated cervical cancer.

Microsoft: US, software and computer giant which own Skype and even paid $US26 billion for LinkedIn in 2016.

Minmetals: China, bought OZ Minerals' operations including Sepon, Avebury, Rosebury, Golden Grove, Century and Dugald River. #

Mitsubishi Corp: Japan, the largest Japanese trading house with huge Queensland coal investments

Mitsubish Motors: Japanese, car manufacturing giant founded in 1870.

Mitsubishi UFJ Financial: Japanese bank with a range of Australian services run out of Sydney. Also invested $208 million into Challenger in 2007. 

Mitsui: Japanese, iron ore through Robe River, North West Shelf and also a big meat player. Currently bidding for AWE. #

Mondelez: the old food part of Philip Morris which controls Cadbury in Australia. 

Morgan Stanley: US, global investment bank which bought the Investa Property Group. April 2018 market capitalisation of $US94 billion.

Motorola: US, mobile phones and global communications giant from Chicago head office.

Mulpha: Malaysia, large owner of Australian hotels such as Hayman Island, Sancturary Cove and Sydney's InterContinental

Mundipharma: NZ, is a leading provider of high quality analgesic pharmaceutical products for the treatment of moderate to severe chronic pain.

NEC: Japanese, global leader and innovator in technology.

Netflix: Has subscriptions in more than 2 million Australian households generating revenues of approximately $300 million.

Nestle: Swiss, former Pacific Dunlop food assets, plus also bought Uncle Tobys. One of the 10 largest companies in the world with an April 2018 market capitalisation of $US246 billion.

Newmont: US, gold mining after bought Normandy.

News Corporation: US, world's most global media company and Rupert Murdoch shifted domicile from Adelaide to Delaware in 2004. 

Nike: US, global marketer of athletic footwear, apparel and equipment.

Nippon Meat Packers Australia: Japan, almost $1 billion in annual revenues from Australia. 

Nippon Steel: Japanese, iron ore through Robe River.

Nissan Motor: Japanese, car manufacturer with April 2018 market capitalisation of $US44 billion but stopped manufacturing in Australian in 1992.

Nokia: Finland, a much diminished former world leader in mobile devices and communication.

Norske Skog: Norway, bought Fletcher Paper.

Novartis: Switzerland, a pharmaceuticals and consumer health company which has ranked in the top 20 globally with an April 2018 market capitalisation of $US210 billion.

Nutrium: Canada, a combination of two large Canadian agri-businesses, Potashcorp and Agrium, which paid $1.2 billion for AWB in 2010.

Oaktree: US, private equity fund which already owns Quiksilver and recently completed a $380 million takeover of Billabong.

O-I: US, the largest manufacturer of glass containers in the world, formerly known as Owens Illinois, plus owns many other building industry operations.

Officemax: US, a leader in both business-to-business office products solutions and retail.

Onepath: Dutch, formerly known as ING, OnePath is one of Australia's leading providers of wealth, insurance and advice solutions.

Oracle: US, provides the world's most complete, open, and integrated business software and hardware systems operating in over 145 countries. April 2018 market capitalisation of $US183 billion. Recently paid$1.6 billion for ASX-listed Aconex. #

Mr CK Ow: Singapore, billionaire who owns the Stamford hotel chain.

Paddy Power Betfair: UK-Ireland, owns the second biggest corporate bookmaker in Australia, Sportsbet, which made $235 million in 2017 on revenue of $679 million.

Paloma Industries: Japanese, owns Rheem/Vulcan water heater business.

Palmary Enterprises: Ukraine, billionaire Gennadiy Bogolubov paid more than $1 billion in 2007 for control of manganese producer Consolidated Minerals.

Panasonic: Japanese, electrical goods and world's biggest plasma TV maker.

Parmalat: Italian, previously known as Pauls, it is one of the major manufacturers of milk, yoghurt and fresh dairy products in Australia.

Peabody Coal: US, bought Excel Coal in 2006 and then mopped up MacArthur Coal in 2010 before then going broke. Has since bounced back again.

Pearson: UK, Grundy TV production, financial information, Penguin, a large education business and The Financial Times before it was sold to Japanese interests.

Pepsico: US, drinks and Pizza Hut and major rival to Coke, with an April 2018 market capitalisation of $US155 billion.

Pernod Ricard: French, a leading provider of premium wines which bought Orlando in 1989.

Persol: Japan, human resources giant which bid $778 million for Perth-based Programmed Maintenance Services in 2017. 

Pfizer: US, pharmaceuticals giant and Australia's leading provider of prescription medicines and animal health products. A top 30 company globally with an April 2018 market capitalisation of $US209 billion and generates more than $US50 billion a year in revenue and annual profits of $US8 billion.

Pharmacia: US, pharmaceuticals, consumer health.

Altria: US, rebranded tobacco giant Philip Morris which was spun off in March 2008. April 2018 market capitalisation of $US121 billion.

Philips: Dutch, a world leader in healthcare, lifestyle and lighting.

Porsche: German giant now also controls VW, Man and Scania. April 2018 market capitalisation of $US25 billion.

Posco: South Korea, steel company with various Australian coal and iron ore plays, including a stake in Gina Rinehart's Roy Hill operation.

Primus Telecommunications: US, facilities-based networks and facilities-based data centres for sophisticated data communication.

Proctor & Gamble: one of the biggest consumer products companies in the world with an April 2018 market capitalisation of $US198 billion. Owns everything from Pringles to Dove soap and Gillette with Australian sales exceeding $500 million.

PT Adaro: listed Indonesia coal company which teamed up with a private equity firm to pay $US2.25 billion for Rio Tinto's Kestrel coal mine in Queensland's Bowen Basin in 2018.

PZ, Cussons: UK, leading supplier of detergent, soap and refrigeration products.

RAG: German, international energy and chemical company.

Rank Group: New Zealand, the global packaging and paper giant put together by Kiwi billionaire Graeme Hart, which includes the old Carter Holt Harvey business.

Revlon: US, is a global color cosmetics, hair color, beauty tools, fragrances, skincare, anti-perspirant / deodorants and beauty care products company founded in 1932.

Reckitt Benckiser: UK, world's biggest cleaning products and health care company with brands including Dettol, Harpic, Mortein, Finish, Strepsil, Nurefen and Clearasil.

Ricket & Coleman: US, is a global force in household, health and personal care.

Right Management: US, leading global provider of integrated consulting solutions across the employment lifecycle.

Rio Tinto: UK, owns very large Australian mining assets, particularly in WA iron ore, but no longer in coal. 

Roche: Swiss, innovator and manufacturer of pharmaceuticals which is one of the 30 largest companies in the world with a market capitalisation exceeding $150 billion.

Royal Bank of Canada: the biggest Canadian bank with April 2018 market capitalisation of $US110 billion and a reasonable Australian operation.

San Miguel: Philippines, a conglomerate which owns a variety Australian businesses ranging from Boags beer to Berri juices.

Sandvik: Finland, offers the world's widest range of equipment for rock drilling, rock excavation, processing, demolition and bulk-materials handling.

Sanofi-Aventis: France, one of the world's largest pharmaceutical companies focussing on cardiovascular, thrombosis, metabolic disorders, oncology, central nervous system, internal medicine and vaccines. Has a market capitalisation of more than $US60 billion.

SAP: German, the world's leading provider of business software solutions. Australian operation is based in North Sydney. April 2018 market capitalisation of $US124 billion.

Saputo: Canada, first bought Warrnambool Cheese & Butter and has now mopped up Murray Goulburn to become a giant in the Australian dairy market.

Schenker Logistics: German, one of the leading international providers of integrated logistics services.

Schering-Plough: US, merged with Merck making the combined company the second-largest pharmaceutical company in the world. They also are a global leader in consumer products and animal care.

Schneider Electric: French, bought Clipsal Electric for $750 million in 2005 from Rob Gerard and his partners. Also bought Japanese company APC-MGE which used to separately appear on this list.

Shell: Dutch-UK, a global group of energy and petrochemicals companies in more than 90 countries. Is Europe's biggest energy company with an April 2018 market capitalisation of $US277. Merged with BG Group in 2016, effectively taking over the old Queensland Gas business. Has now also sold out of Woodside. #

Schwarz Group: Germany: retail conglomerate led by German billionaire Dieter Schwarz and is one of the world's biggest retailers with more than $US100 billion a year in sales through the likes of Lidl and Kaufland, which is rolling out in Australia.

Siemens: German, electricals, communication, engineering and transport. One of the 40 most valuable companies in the world.

Singapore Airlines: bankrolling Tiger and collects about 25% of Asian and Europe bound international traffic out of Australia, plus owns more than 20% of Virgin Australia.

Singapore Power: controls more than $10 billion worth of Australian power assets, including through its 30% stake in Ausnet.

Singtel: Singapore, paid a crazy $14 billion for Optus in 2002 but has plugged away as the number 2 against Telstra for the past 15 years.

Simplot: US, bought Pacific Dunlop pastry businesses such as Herbert Adams and Four'n Twenty.

Sinosteel: China, now in control of iron ore company Mt Gibson. #

Sony: Japanese, a giant in televisions, games, mobiles phones and the like. 

Staples Inc: US company which in 2009 took 100% control of office supply giant Corporate Express. #

Stars Group: Canada, has agreed to spend at least $600 million buying control of CrownBet and William Hill Australia in 2018 which together will have annual sales exceeding $500 million a year. #

Starwood: US, one of the world's largest hotel and leisure companies.

Sumisho Coal: Japan, investment in Northparkes copper-gold mine in NSW.

Sumitomo: Japanese, iron ore through Robe River and various other interests.

Suez Lyonnaise des Eaux: French, owns the large Pacific Waste Management business.

SvitzerWijsmuller: Danish, shipping giant paid $700 million for Australian tug operator Adsteam Marine in 2005. #

Tat Hong Holdings: Singapore listed cranes and heavy equipment supply group which moved to 100% control of the listed Tutt Bryant Group in 2010. Tutt Bryant generated revenues of $321m in 2008-09 and $240m in 2009-10. #

Spark New Zealand: The old Telecom New Zealand which lost a fortune in AAPT but is doing better now. 

Temasek Holdings: Singapore, sovereign fund which dropped $400 million in ABC Learning and has invested more than $10 billion in power assets.

TPG: US private equity firm which made a fortune out of Myer, tried to buy Qantas and Fairfax and has more recently invested in Australian healthcare.

Time Warner: US, internet, magazines and film production but no longer in Queensland theme parks. April 2018 market capitalisation of $US74 billion.

Total: France, the world's fourth biggest oil major mainly has a downstream lubricants business in Australia. April 2018 market capitalisation of $US127 billion.

Toyota: Japanese, Japan's largest vehicle manufacturer and one of the largest automotive companies in the world established in 1937. Is a top 50 global company with Australian sales exceeding $1 billion each year.

Tyco: US, fire protection and other industrial services.

Uber: has cut a swathe through the taxi industry. Gross revenues now exceed $200 million, although they don't book all this in Australia.

UBS: Swiss, huge financial services firm that offers wealth management and is established in all the major financial centre of the world. Has a market capitalisation of more than $US50 billion.

Unilever: Dutch-UK, detergents and ice cream and array of other household brands, they were founded in 1890.

Unisys: US, IT firm which generates about $300 million a year in Australia.

UnitedHealth Group: biggest listed US health provider with a growing Australian presence and an April 2018 market capitalisation of $US224 billion.

United Technologies Corporation: US, major multi-national based in Connecticut and into everything from engines, to elevators, including its large Carrier air conditioning business in Australia.

Vale: the Brazilian iron ore giant runs its global coal operations out of Brisbane. April 2018 market capitalisation of $US67 billion.

Vanguard: US, world's second biggest investor after Blackrock and dominates with passive index investing.

Varian Medical Systems: US, a global technology leader in Scientific Instruments and Vacuum Technologies.

Veolia: France, global utilities giant which is particularly strong in waste and water, including a big Australian operation.

Verizon: US telco giant which owns the likes of MCI, AOL and Yahoo. April 2018 market capitalisation of $US196 billion.

Viacom: US, Blockbuster video, a leading global entertainment content company.

Virgin: UK, airlines, mobiles, music, fitness, financial services and various other Australian business backed by Sir Richard Branson.

Visa: US, global payments technology company established in 1958 which delivered huge profits for its banking shareholders, including Australia's Big Four which are now largely out of it. April 2018 market capitalisation of $US242 billion.

Viscount Plastics: UK, owned by the Linpac Group, they provide a innovative industrial, packaging and materials handling products.

Viterra: Canada, grain handling and marketing, agri-products, agri-food processing, feed manufacturing and financial products. Beefed up its Australian operations with the $1.6 billion acquisition of ABB Grain in 2009.

Vivendi Universal: French, media conglomerate focusing on the music business through its global Universal brand.

Vodafone: UK, was once the world's leading mobile telecommunications company established in 1984. Unhappy experience in Australia competing with Telstra. April 2018 market capitalisation of more than $US76 billion.

Wells Fargo: US, enormous global bank and bought a GE finance business in Australia in 2016. April 2018 market capitalisation of $US255 billion.

Weyerhaeuser: US, paid $300 million for CSR's old timber businesses in the 1990s. #

Wilmar International: Singapore, paid $1.7 billion for CSR's old suger business Sucrogen in mid-2010 and then $1.3 billion for Goodman Fielder in 2015. #

Yamaha: Japanese, it began over 100 years ago and has grown to be one the biggest manufacturers of musical instruments in the world.

Yara International: Norway, the world's leading chemical company that converts energy, natural minerals and nitrogen from the air into essential products.

Zurich: Swiss, financial services giant which has recently takeover over listed Cover-more in a $740 million deal. #

That’s all for now.

Thanks for getting this far and I’d love to hear your thoughts on the question of whether we should be worried about the level of foreign ownership in corporate Australia. Best option is email to stephen@maynereport.com but you can also call if you want on 0412 106 241.

Do ya best, Stephen Mayne