Stocks News
- Seb allowed to boost Supor stake
Date: 22-Nov-2007 Sources: (Shenzhen Daily)
FRENCH household appliances maker Seb has won approval from China's securities regulator to boost its stake in Zhejiang Supor Cookware Co. to 52.74 percent from 30 percent in a 2.3 billion yuan (US$310 million) deal.
Seb's offer to buy up to 49,122,948 Supor shares at 47 yuan each has been approved by the China Securities Regulatory Commission, Shenzhen-listed Supor said in a statement yesterday.
The deal would give Seb control of Supor, which is now majority-owned by chairman Su Zengfu and his family.
Seb in August 2006 announced plans to take over Supor and in August won Chinese Government approval to buy an initial 30 percent stake, although domestic rivals had been urging the government to block the deal.
China has recently strengthened its scrutiny of foreign acquisitions, citing economic security and concerns that some assets were being sold too cheaply.
Private equity fund Carlyle has yet to get approval from the government to buy into Xugong Group Construction Machinery Co., even after Carlyle agreed to settle for a minority stake in China's biggest machinery maker.
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