Banking support
Source: Agencies |
November 27, 2010, Saturday
|
Print Edition
Print Edition
MINSHENG Banking Corp is ready to support Xinmao Group's 1-billion-euro (US$1.3 billion) bid for Dutch cable maker Draka, a source has said, lending credibility to a deal that is drawing skepticism among investors.
The surprise last-minute offer from the little-known Chinese company has threatened to spoil an agreed deal from Italy's Prysmian to buy Draka - Europe's No. 3 - which also received a bid from France's Nexans.
Xinmao gatecrashed the all-European takeover with a higher all-cash offer, but analysts have questioned the viability of its offer. A successful takeover by Xinmao would aid China's plans to roll out broadband networks.
Xinmao and Mingsheng, China's seventh-biggest lender "have been in close touch" about the bid, the source familiar with the deal said.
The surprise last-minute offer from the little-known Chinese company has threatened to spoil an agreed deal from Italy's Prysmian to buy Draka - Europe's No. 3 - which also received a bid from France's Nexans.
Xinmao gatecrashed the all-European takeover with a higher all-cash offer, but analysts have questioned the viability of its offer. A successful takeover by Xinmao would aid China's plans to roll out broadband networks.
Xinmao and Mingsheng, China's seventh-biggest lender "have been in close touch" about the bid, the source familiar with the deal said.
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