Shanghai Daily: Business - shanghaidaily.com
FRENCH cookware producer Groupe SEB has completed a partial tender offer for Zhejiang Supor Cookware Co, China's largest producer of kitchen appliances. The two companies will finish the settlement within this week, Supor said. Under the deal, SEB paid 2.3 billion yuan (US$312 million) to buy a maximum of 49.1 million shares at 47 yuan per share from the public to boost its stake in Supor from 30 percent to 52.74 percent. Seb's investment in Supor, worth a total of 327 million euros (US$469.8 million), will give it access to a sales network across China and localize its production to increase price competitiveness. SEB, which makes Tefal cookware, announced plans to buy 61 percent of Supor last year but the acquisition drew opposition from China's cookware industry amid worries of a monopoly being created. In April, the Ministry of Commerce gave a green light to SEB's plan after a public hearing for more open competition in China's non-strategic industry. Construction on
Shanghai Daily: Business - shanghaidaily.com
SHANDA Interactive Entertainment, Intel Corp and Sichuan Changhong Electric have established an alliance to develop the market of online games on Web-linked TVs, the three sides said yesterday in Shanghai. The companies launched an online table tennis game, available both on computer and TV platforms, to catch the sport game booms ahead of the Beijing Olympic Games next year. According to the agreements, Shanda will provide content including games, Intel will provide related chip and chipset technology, while Changhong - China's second biggest TV maker - will produce TVs with Internet access and built-in hard disk storage, the companies said. "Shanda is proud to become content provider and the three sides will jointly promote the games including the new table tennis game X-Up," said Tom Zhang, Shanda's senior vice president. The project has similarities to Shanda's previous EZ-Center plan, which allowed users to access Internet and games on TV with a
Shanghai Daily: Business - shanghaidaily.com
FRENCH cookware producer Groupe SEB has completed a partial tender offer for Zhejiang Supor Cookware Co, China's biggest producer of kitchen appliances. The two companies will settle the deal this week, Supor said. Under the deal, SEB will pay 2.3 billion yuan for a maximum of 49.1 million shares at 47 yuan a share from the public to boost its stake in Supor from 30 percent to 52.74 percent. Seb's investment in Supor, worth a total of 327 million euros, will give it access to a sales network across China and localize its production to increase price competitiveness. SEB, which makes Tefal cookware, announced plans to buy 61 percent of Supor last year but the acquisition drew opposition from China's cookware industry amid worries of a monopoly being created. In April, the Ministry of Commerce gave a green light to SEB's plan after a public hearing for more open competition in China's non-strategic industry. Supor's US$15-million factory in Vietnam, designed to produce 7.9