Breaking News, World News and Taiwan News.

Updated Monday, October 1, 2007 0:00 am TWN, Reuters

Sponsors
▪	Save 75% for all hotels in Shanghai, Beijing and whole China. Lowest rates for Flights in China.
▪	Get the best deals for Guangzhou Hotels or choose from more than 10,000 hotels in 499 Chinese cities.
▪	Find great real time deals on China Flights. Book flights to China or China domestic flights 24/7.
▪	Buy china wholesale products from reliable chinese wholesalers on DHgate.com!

Ningbo Huaxiang eyes German acquisition

SHANGHAI -- Ningbo Huaxiang Electronic Co., a small but fast-growing Chinese automobile parts maker, said Saturday it was in preliminary talks to buy a German auto parts maker for between 1 billion and 1.5 billion yuan. The Chinese company said the German firm, which it did not name, posted sales of about 250 million euros and profit of 25 million euros last year.

Ningbo Huaxiang said it was not certain of reaching a final agreement on the acquisition, but deputy general manager Du Kunyong told Reuters by telephone that he hoped the deal would be finalized in three to four months. The acquisition would be funded by the firm’s internal resources and bank lending, he said.

Last month, Ningbo Huaxiang said it had agreed with Germany’s Schefenacker to set up a joint venture making auto parts in the eastern Chinese city of Ningbo. Each side will invest 50 million yuan in the venture.

Subscribe to The China Post and save 25%. Click here