Shanghai Daily: Business - shanghaidaily.com
CHINA electronics giant Suning Appliance Co ended its plan on acquiring Beijing Dazhong Electrical Appliance Co because the two sides failed to reach agreement in some areas, the Shenzhen-listed company announced yesterday. "The company and its financial adviser have negotiated with Dazhong and it has estimated the acquisition costs and risks, but the two sides can't reach agreement on key terms," the country's second-largest home appliance retailer told Shenzhen Stock Exchange. "Since Suning insists on a stable operation it decided to scrap the acquisition plan," the Nanjing-based retailer said. Suning spokesman Zhu Jiagui said he had yet to get details about the statement. Suning's shares dropped 8.13 percent to 62.80 yuan (US$8.52) in Shenzhen yesterday. The company announced in April that it was in talks with Dazhong after its major rivals - China Paradise Electronics Retail Ltd and Gome Electrical Appliances Holdings Ltd - formed alliance. Suning