Overseas acquisitions by Chinese companies will be a major trend in the coming years. This is confirmed by the 12th Five-Year Plan (2011-2015) and declarations made by the National Development and Reform Commission and the Ministry of Commerce. But it is loaded with challenges.

First, the United States Committee on Foreign Investments halted Huawei's deal for 3-Leaf. Now, Bright Food has fallen out of the race for Yoplait despite having offered the best price. Some observers may call it protectionism, aimed at excluding Chinese companies from investing in the best assets. The answer, however, is not that simple.

After all, many deals have been successful. According to Ministry of Commerce figures, China's overseas direct investment was $59 billion in 2010, and it is expected to double by 2015. So why did some deals fail and Geely and Fosun succeeded?

In one of the most competitive bidding processes for a European company (Yoplait), US conglomerate General Mills won the fight against Bright Food, Lactalis and Nestle, to name just a few contenders bidding for the world's second largest yogurt producer. French private equity company PAI, 50 percent co-owner of Yoplait, wanted to sell its stake but shared the choice of buyer with Yoplait's co-owner, Sodiaal, a major farmers' cooperative.

Bright Food emerged as a serious bidder, with its representatives having spent weeks in France meeting all Yopliat stakeholders. They reportedly offered the highest price, sparkling prospects in the Chinese market, guaranteed jobs in France and promised to maximize value for Sodiaal. Yet they couldn't win the French farmers' hearts.

Instead, the deal is going to Yoplait's long-time US distributor General Mills. This has happened despite the recent souring of relations between them over the terms of their franchising contract. Did cultural differences play a role here? Aren't French farmers interested in maximizing their profit? Or did other reasons prevent the Chinese bid from going through?

Chinese firms could learn from these experiences. Multiple reasons, in our view, explain why many deals don't succeed. First, Chinese companies are still unknown to a huge majority of people in Europe and the US. Being unknown doesn't create the level of trust needed to engage local governments, unions, managements and the public as a whole. All these stakeholders become the key factor, especially when famous assets are up for sale.

Another reason is that too often, there is the belief that asset deals or bankrupt companies are "better" bargains because they are cheaper. But turning a company around, especially in Europe's low-growth environment, is particularly challenging and way more difficult than accelerating the growth of well-run businesses.

In addition, in some business circles, Chinese buyers, with some noteworthy exceptions, have not yet convinced that they can prevail in a competitive bidding process mainly because of complex processes that require a subtle mix of well-formatted step-by-step diligence, acceleration and quick decisions when needed, and subtle lobbying with targeted messages to each stakeholder which requires strong local understanding.

Last but not least, European companies, employees and government are often worried whether a Chinese shareholder would really leave the management in power, respect their social engagements and support their deeply rooted local implementation. It is to be noted that the worries would probably be the same if a deal was to take place in China.

To succeed in the global markets, China's leading companies will have to bolster trust with interest groups and stakeholders at large, work closely with European or US investors - which also know how Chinese groups are working. They have to look for local knowledge more than big names, spend quality money on quality advisers - and see it as an investment rather than a cost aimed at reducing uncertainties and risks.

They will have to possibly start with a minority stake, in particular, to win people's hearts by working together, with proprietary deals rather than with global auctions, and empower investment teams internally to enhance decision-making processes within an agreed price and legal framework. And they have to target the firms in which integration risks are limited rather than lame ducks, and go for firms that have a strategic interest to grow in China.

As always, true win-win situations can overcome any misconception. Just like in private equity, alignment of interests is the best recipe for success.

While China is growing and changing, the world gaining a better understanding of China. Deng Xiaoping's words describing China's reform path as touching the stones while crossing the river are well known. And they have a European version: "Step by step is beautiful."

The author is managing partner, A-CAPITAL, European Private Equity firm based in Beijing.