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BIZCHINA / Machinery |
Sany Group says tie-up with Caterpillar just an ideaBy ()
Updated: 2007-06-07 16:07 China Sany Group intends to consider the possibility of a tie-up with US firm Caterpillar Inc but it is just an idea at this point, with no discussion between the two sides so far, Sany chief executive Xiang Wenbo said. "It does not involve talks on any capital tie-up between the two sides at present", Xiang said on the sidelines of a conference held in Tianjin. Earlier this week the group's listed unit, Sany Heavy Industry Co Ltd, said the parent firm had no plan to set up a joint venture or sell a stake to Caterpillar. Meanwhile Xiang also said that the group is likely to fail in its effort to bid for a 30 percent stake in Shenyang Machine Tool Group, China's largest lathe maker. Late last year, State-owned Shenyang Machine Tool offered to sell a 49 percent stake to domestic and foreign investors. Sany Heavy said in a statement last month that its parent submitted bid documents for the Shenyang stake to the Shanghai United Assets and Equity Exchange on May 25. (For more biz stories, please visit Industry Updates)
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