Gree suspends Yinlong takeover plan
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.