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February 19, 2008 |
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SICHUAN CHANG: Drops Bid for Wuxi Little Sichuan Changhong Electrical Co. withdrew its bid to buy a 24% stake in washing-machine maker Wuxi Little Swan Co. due to cost concerns, ShanghaiDaily reports. Citing a government regulation, Sichuan Changhong told ShanghaiDaily that the 24% stake, or 87.67 million shares, can't be sold for less than CNY1.65 billion (US$230 million) and that the buyer also must pay the full amount in cash. Earlier reports indicated that Changhong showed interest to gain a controlling stake in Wuxi Little as the television maker plans to expand its business into the washing-machine industry. Based in Mianyang, Sichuan Province, China, Sichuan Chang Hong Electric Co., Ltd. -- http://www.changhong.com/ -- is principally engaged in the manufacture and sale of televisions, air conditioners, mobile phones, refrigerators and other household electrical appliances. The company offers its products under 13 categories, including military products, digital televisions, digital display panels, information technology products, air conditioners, digital audio/video products, digital network products, molding products, digital electronic components, environment-friendly power supply systems, electrical equipment, electric engineering products and chemical materials. The company distributes its products in 90 countries/regions, including Russia, the United States, France, and South America. Xinhua Far East China Ratings gave the company a B+ issuer credit rating on February 24, 2006. |
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