Carlyle cuts its stake to 50% in Xugong takeover bid
By Wan Zhihong (China Daily)
Updated: 2006-10-19 08:51
US private equity firm Carlyle Group will cut its stake in the acquisition of
Xugong Group Construction Machinery Co Ltd (Xugong) from 85 to 50 percent.
Xugong
Group Construction Machinery Co Ltd shows bucket lift trucks at Conexpo
Asia 2006 on May 16 this year. US private equity firm Carlyle Group will
cut its stake in the acquisition of Xugong Group Construction Machinery Co
Ltd (Xugong) from 85 to 50 percent.
[newsphoto] |
The remaining 50 per cent stake will be held by State-owned
Xuzhou Construction Machinery Group (XCMG) under a deal signed on Monday, said a
statement from XCMG's listed unit Xugong Science & Technology Co Ltd
yesterday.
Carlyle confirmed the deal, but declined to disclose further
details.
"The reduced offer shows the reluctance of Chinese officials to
sell major companies to foreign investors," said an analyst who declined to be
named.
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