XCMC sale

29 April 2008

US-based Carlyle Group is expected to scale down its plans to acquire a majority stake in Xugong Group Construction Machinery (XCMC) in order to gain regulatory agreement. Carlyle announced plans to buy an 85% share of XCMC for US$ 375 million in October last year.

Completion of the deal has been blocked by the Chinese Government because it does not want foreign investors to take possession of what it considers to be key state assets. Carlyle in now expected to reduce its planned stake in XCMC to 50% or less.

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