Shenyang Machine Tool Group sells 30% stack to JanaPartners

Resource from: Machine 2456 Likes:2958

Jun 15,2007

Shenyang Machine Tool Group sells 30% stack to JanaPartners Shenyang Machine Tool (Group) Co Ltd (SMTCL) sold 30% stake to US-based JanaPartners LLC, following the signing of an equity transfer agreement between Liu Yongsheng, head of Shenyang's State-owned Assets Supervision and Administration Commission, owner of the Chinese company, and the representative of the US company. Headquartered in San Francisco, JanaPartners currently owns US$50 billion of assets and is one of major shareholders of Aluminum Company of America (Alcoa) the largest aluminum company worldwide. The acquisition of 30% stack of SMTCL not only is the first deal that the hedge fund company makes in China, but also is the first time for a foreign hedge fund company to invest in an industrial enterprise in China. SMTCL is seeking strategic investors to buy another 19% of its equities, Mr Liu added, as the largest machine tool builder in China has planned to sell a total of 49% of its equities.

(Machine 2456)

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