Stocks News
- Mitsubishi scraps plan to buy Zhonglu stake
Date: 16-Nov-2007 Sources: (Shenzhen Daily)
MITSUBISHI Corp., Japan's largest trading company, terminated a plan to buy 10 percent of SDIC Zhonglu Fruit Juice Co. after shares in the Shanghai-listed beverage maker surged.
The companies failed to reach an agreement on the value of the stake, Beijing-based SDIC Zhonglu said in a statement Thursday. Zhonglu's shares have more than doubled this year. Zhonglu said in July that Mitsubishi agreed to buy 21.5 million shares, or 10 percent of the company, through a private equity offer, without giving a price.
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