Gree sus­pends Yin­long takeover plan

China Daily (Canada) - - NEWS CAPSULE -

Ma­jor Chi­nese home ap­pli­ances and air con­di­tioner maker Gree Elec­tric Ap­pli­ances Inc has sus­pended a plan to buy Zhuhai Yin­long New En­ergy Co af­ter fail­ing to win ap­proval from the elec­tric ve­hi­cle maker’s share­hold­ers, ac­cord­ing to a state­ment from Gree.

Gree, based in Guang­dong prov­ince’s city of Zhuhai, an­nounced in early Au­gust it would buy all the shares of the new-en­ergy ve­hi­cle man­u­fac­turer for 13 bil­lion yuan ($1.89 bil­lion) in a strate­gic move aimed at di­ver­si­fy­ing its busi­nesses.

The ter­mi­na­tion of the ac­qui­si­tion plan will not have a neg­a­tive ef­fect on its ma­jor busi­ness, the home ap­pli­ances maker said in a state­ment to the Shen­zhen Stock Ex­change on Wed­nes­day even­ing.

The Shen­zhen-listed com­pany re­sumed trad­ing on Thurs­day, af­ter a sus­pen­sion since Fe­bru­ary, with its shares ris­ing 1.96 per­cent as of the close in trad­ing.

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