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| Sale of Xugong Under Scrutiny |
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The State Assets Supervision and Administration Commission said Tuesday the sale of Xugong, a leading Chinese construction machinery manufacturer, to US private equity firm Carlyle Group is still being studied. The state asset watchdog said the deal would go through normal examination and approval procedures once relevant departments have had an opportunity to complete the study and conclude consultations with interested parties. In a new deal signed mid-October, Carlyle agreed to reduce its stake to 50 percent, worth 1.8 billion yuan or roughly US$225 million. Carlyle originally offered US$370 million for an 85 percent stake in Xugong. The deal was submitted to the MOC for approval in December last year, but was turned down amid fears that foreign control of key Chinese firms could threaten the country's economic security. According to reports, Wang Min, chairman of the Xugong board, is confident that the new deal will be approved. (Xinhua News Agency November 15, 2006)
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