White goods giant Midea's recent issue of 1.8 billion yuan worth of short-term bonds is not linked to its bid for the rival appliance maker Wuxi, Jiangsu-based Little Swan, Huang Xiaoming, spokesman and vice president of the Guangdong-based company said yesterday.
Midea also announced today a weeklong suspension in share trading starting from today, according to a statement filed at the Shenzhen bourse.
"We are still negotiating the bid (for Little Swan) and big uncertainties exist," Midea's statement asserted. At least one week will pass before the public knows whether Midea and Little Swan will tie the knot.
Sources close to the deal told China Business News that Wuxi Guolian, substantial shareholder of Little Swan, is assessing the takeover bids and is likely to hold talks with the China Securities Regulatory Commission in the near future.
For more details, please read the full story in Chinese (http://www.china-cbn.com/s/n/000004/20080225/020000071979.shtml).
(China.org.cn February 25, 2008)
