Shanghai Daily: Business - shanghaidaily.com
FISHER & Paykel Healthcare Corp, the New Zealand-based maker of breathing masks to treat sleep disorders, rose to a three-month high in Wellington after the takeover of a rival stoked speculation about more mergers. The Auckland-based company jumped three percent to its highest since September 20, after Respironics Inc, the world's largest manufacturer of the breathing devices, was acquired by Royal Phillips Electronics NV for US$5.2 billion in cash, Bloomberg News reported. Fisher & Paykel has about seven percent of the market for products to treat obstructive sleep apnea, a condition thought to affect as many as 12 million Americans. It is among a handful of companies with US Food & Drug Administration approval to sell OSA devices, along with Respironics and ResMed Inc. "They definitely could be a takeover target because the OSA market is very attractive with its high growth," said Stephen Walker, who manages the equivalent of US$107 million at Walker Capital
Shanghai Daily: Business - shanghaidaily.com
APPLIANCE maker Sichuan Changhong Electrical Co yesterday bid for a 29.92-percent stake in Huayi Compressor Co to expand its business. The TV company said in a statement to the Shanghai Stock Exchange yesterday that it would acquire 91.7 million shares from Huayi's parent Huayi Electrical Appliance General Co via an auction. The Jiangxi-based Huayi, which produces compressors for air conditioners and refrigerators, was suspended from trading in the Shenzhen stock market since December 14 when it announced the auction plan. The 91.7 million shares are valued at 956 million yuan (US$129 million) based on its closing share price of 10.42 yuan per share on December 13. Changhong wasn't traded yesterday, and its closing price on Friday was 8.45 yuan. Share price of the Shanghai-listed company has doubled this year. Changhong's net profit in the first nine months of this year totaled 340 million yuan, jumping 39 percent from a year earlier on the booming electronics market.
Shanghai Daily: Business - shanghaidaily.com
APPLIANCE maker Sichuan Changhong Electrical Co today bid for a 29.92 percent stake in Huayi Compressor Co. China's second-biggest TV maker said in a statement to the Shanghai Stock Exchange today that it would acquire 91.7 million shares from Huayi's parent Huayi Electrical Appliance General Co via an auction. The Jiangxi-based Huayi, which produces compressors for air conditioners and refrigerators, has been suspended from trading on the Shenzhen stock market since December 14 when it announced the auction plan. The 91.7 million shares are valued at 956 million yuan based on its closing share price of 10.42 yuan a share on December 13. Changhong wasn't traded yesterday and its closing price on Friday was 8.45 yuan. The share price of the Shanghai-listed company has doubled this year. Changhong's net profit in the first nine months of this year was 340 million yuan, jumping 39 percent from a year earlier on the booming electronics market and investment income. The