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Shanghai Dragon denies takeover reports

(Shenzhen Daily)
Updated: 2007-03-15 16:24

Shanghai-listed textile products firm Shanghai Dragon Corp said yesterday it was in business talks with several foreign firms, but denied local reports it was about to acquire an Italian company.

According to recent reports in domestic media, the Shanghai-based firm will issue 47.5 million to 100 million shares to overseas strategic investors, to be able to acquire Pompea SpA, an Italian underwear maker. "We regularly discuss business issues with a number of foreign companies, including Pompea, but we are not in any equity talks," an official at the company's board office said. "We have no significant issues to disclose."