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Xinmao says Minsheng backs Draka bid
Source: Agencies |
November 30, 2010, Tuesday
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Print Edition
Print Edition
CHINESE group Xinmao said it had a written commitment from Minsheng Banking Corp for its proposed 1 billion euro (US$1.3 billion) offer for Dutch cable maker Draka, in a move to address concerns that the offer was not fully backed.
With no track record of international acquisitions, Xinmao's attempt to snare Draka has raised questions over how it can pull off a US$1 billion-plus acquisition.
"China Minsheng Banking Corp Ltd (Tianjin Branch) has confirmed in writing its commitment to Xinmao to finance the full amount of the proposed offer," subject to certain conditions, Xinmao said in a statement yesterday.
Late on Friday, Draka said in a statement it wanted more information about the identity, ownership and financing of the little known Chinese company, which surprised the market last week when it proposed trumping an agreed 821-million-euro offer from Italian company Prysmian to buy Draka.
Draka had already rejected a 731-million-euro bid from French group Nexans.
One of the conditions of the financing is a final agreement between Xinmao and Draka with respect to a merger protocol, according to the statement.
With no track record of international acquisitions, Xinmao's attempt to snare Draka has raised questions over how it can pull off a US$1 billion-plus acquisition.
"China Minsheng Banking Corp Ltd (Tianjin Branch) has confirmed in writing its commitment to Xinmao to finance the full amount of the proposed offer," subject to certain conditions, Xinmao said in a statement yesterday.
Late on Friday, Draka said in a statement it wanted more information about the identity, ownership and financing of the little known Chinese company, which surprised the market last week when it proposed trumping an agreed 821-million-euro offer from Italian company Prysmian to buy Draka.
Draka had already rejected a 731-million-euro bid from French group Nexans.
One of the conditions of the financing is a final agreement between Xinmao and Draka with respect to a merger protocol, according to the statement.
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