Overseas firms compete to buy Shuanghui Group
(Xinhua)
Updated: 2006-04-14 15:39
Goldman Sachs Group Inc. and CCMP Capital Asia Pte Ltd. are competing to buy
China's biggest food-processing company for as much as 1.5 billion yuan (187
million U.S. dollars), China Daily reported Friday.
Henan Luohe
Shuanghui Industry Group Co., owned by the Luohe city government in Central
China's Henan Province, plans to choose a winner this month, said the
newspaper.
The acquisition, which would be the second largest this year
by an overseas company in China, reflects investor interest in a consumer
industry that caters to 1.3 billion people.
"In China, one area of great
potential is the consumer market," said Jeanette Chan, a Hong Kong-based partner
at the Paul, Weiss, Rifkind, Wharton & Garrison law firm.
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