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Gree suspends Yinlong takeover plan

Update Date:2016-11-18 15:58:22 Source:BeiJing Tannet Views:1656
Major Chinese home appliances and air conditioner maker Gree Electric Appliances Inc has suspended a plan to buy Zhuhai Yinlong New Energy Co, after failing to win approval from the electric vehicle maker's shareholders, according to a statement from Gree.

Gree, based in Zhuhai of Guangdong province, announced in early August it would buy all the shares of the new-energy vehicle manufacturer for 13 billion yuan ($1.89 billion), in a strategic move aimed at diversifying its businesses.

The termination of the acquisition plan would not have a negative effect on its major business, the home appliances maker said in a statement to the Shenzhen Stock Exchange on Wednesday evening.

The Shenzhen-listed company resumed trading on Thursday, after a suspension since February, with its shares rising 1.96 percent as of the close in trading.

According to the regulations of the Shenzhen stock market, Gree would not be allowed to issue new shares for any major acquisition plans.

The article transsshipment from China Daily 

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