SEB confident in Supor deal
By Yin Ping (China Daily)
Updated: 2006-09-22 09:34 French home appliance giant
SEB expressed confidence yesterday that its troubled takeover of Chinese
cookware firm Supor would finally be approved by the Chinese authorities.
"We hope the deal will be approved as soon as possible by the Ministry of
Commerce and the China Securities Regulatory Commission," said Vincent Tai, the
newly appointed managing director of Shanghai SEB Electric Appliances Co Ltd,
SEB's wholly-owned firm in China.
Speaking at a press conference marking SEB's 10th anniversary in China, Tai
pointed out that, "90 per cent of Supor's shareholders have voted for the deal."
In August, SEB announced plans to take a 51-59 per cent stake in Zhejiang
Supor Cookware, a Shenzhen-listed company and a leading manufacturer of pressure
cookers, woks and other kitchenware in China, in a deal worth around US$300
million.
But the proposed takeover sparked a storm of protest from Chinese cookware
manufacturers, who urged the government to block the deal over fears of a
potential monopoly.
Tai insisted that the takeover was not a hostile move "targeting any
competitors.
"We just want to offer the best products we can to Chinese consumers."
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