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Purchase eyed
Source: Bloomberg News |
December 6, 2011, Tuesday
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Print Edition
Print Edition
CHINA State Construction Engineering Corp, the nation's biggest builder by market value, intends to buy an American construction company next year as it begins investing as much as US$2 billion in the world's largest economy.
The builder has shortlisted two potential takeover targets, including one with annual sales of about US$1 billion, Vice President Chen Guocai said yesterday in Hong Kong. He declined to elaborate on the companies or on how much the builder may spend on its first acquisition in the United States.
The company wants to boost the proportion of overseas sales earned in the US to 15 percent from 5 percent within five years, Chen said.
The builder has shortlisted two potential takeover targets, including one with annual sales of about US$1 billion, Vice President Chen Guocai said yesterday in Hong Kong. He declined to elaborate on the companies or on how much the builder may spend on its first acquisition in the United States.
The company wants to boost the proportion of overseas sales earned in the US to 15 percent from 5 percent within five years, Chen said.
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