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BIZCHINA / Consumer Goods/Trade |
France's SEB completes takeover of China's Supor(AFX)
Updated: 2007-12-24 17:13 China's leading cookware maker Supor said France's SEB has completed its takeover of the company, the official Xinhua news agency reported yesterday. SEB paid 217 million euros on December 20, or 47 yuan ($6.39) per share, taking its holding to 52.74 percent from 30 percent, Xinhua said. The takeover process began in August 2006, with the initial takeover price set at 18 yuan per share. After the deal, the founding Su family will hold 36 percent, but tradeable shares have been reduced to 11 percent, well below the minimum of 25 percent for listed companies, raising the prospect that Supor may be delisted. "Supor will not be delisted," Su Xianze, who remains Supor's president, was quoted as saying. Instead, Su said, the company may be granted a period to meet the 25 percent minimum, entailing a suspension from trading until it achieves compliance. Thierry de La Tour d'Artaise, SEB's chairman, said he was satisfied with the average price of 30.5 yuan per share the French group paid to build up the stake, according to Xinhua. "We will improve the competitiveness of Supor and continue to use its brand for products in China," he said. Supor will concentrate on the southeast Asian market over the next five years and later expand to other international markets, Xinhua said. |
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