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BIZCHINA / Machinery |
Sany Group has no plans to buy Shenyang Machine stakeBy ()
Updated: 2007-06-15 16:52 Sany Group has no plans to buy the remaining 19 percent stake up for sale in Shenyang Machine Tool Group, China's largest lathe maker, China Business News reported, citing a Sany executive. Late last year, State-owned Shenyang Machine Tool offered to sell a 49 percent stake to domestic and foreign investors on the Shanghai United Assets and Equity Exchange. Sany had been seeking a 30 percent, but Jana Shenyang Holdings Corp, a bid vehicle set up by US-based Jana Partners LLC, won the bid for 30. "We are not looking into acquiring the remaining 19 percent for the time being," the newspaper quoted the executive as saying. The bidding for the 19 percent stake starts at 640 million yuan, the report added. (For more biz stories, please visit Industry Updates)
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