The French-based SEB Group finally got the long-awaited approval from the Ministry of Commerce to acquire majority stake in the Zhejiang Supor Cookware Co., Ltd, despite far-flung protests from the country's cooker makers for fear of monopoly after the foreign mergers and acquisitions.
SEB, the largest producer of small home appliances in Europe, would acquire 52.74 percent to 61 percent shares of Supor and become the controlling shareholder of the latter, according to sources with Supor.
(Xinhua News Agency April 12, 2007)
