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BIZCHINA / Chemical |
Shandong Haihua Group agrees to set up JV with Carlyle GroupBy ()
Updated: 2007-06-08 16:19 Shandong Haihua Group has agreed to set up a joint venture (JV) with Carlyle Group, according to Shandong Haihua Group's listed unit, Shandong Haihua Co Ltd. Shandong Haihua Co told the Shanghai Stock Exchange in a statement that Shandong Haihua Group signed a memorandum of understanding (MOU) with the Weifang branch of the State-owned Asset Supervision and Administration Commission, and with Carlyle. Shandong Haihua Group will inject some assets, including its stake in Shandong Haihua Co, into the new joint venture in exchange for a majority stake, while Carlyle will pay cash for a minority stake in the joint venture. The agreement will be valid until July 5, it said. The statement said there is no certainty a final joint venture agreement will be concluded. Shandong Haihua Group is one of China's leaders in producing soda ash, raw salt, bromide, melamine, calcium chloride, and sodium nitrate. Carlyle Group's recent China acquisition moves include, on top of the high-profile Xugong Machinery case which is still pending, a 49 percent stake China's Yangzhou Chengde Steel Tube Co Ltd, a private large-diameter seamless steel pipe manufacturer. Carlyle Group's bid to buy a 7.99 percent stake in Chongqing Commercial Bank was rejected by regulators in April. (For more biz stories, please visit Industry Updates)
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