Far Eastern wins nod on Pacific China deal

Taipei-listed Far Eastern Department Stores Ltd said on Tuesday that it has won regulatory approval on the planned purchase of a 40% stake in Pacific China Holdings (HK) Ltd.

Far Eastern, which have already owned approximately 27% stake in Pacific China through its ownership of Pacific Sogo Department Stores Co, in which Far Eastern has a 45% stake, agreed to buy another 40% stock from ABN AMRO Bank Ltd for US$79.5 million.

Upon the deal, the company will become the controlling share holder of Pacific China, with 67% stake. The acquisition will also help the company's expansion on the mainland, said Ni Houkun, deputy manager with Far Eastern.

Its chairman Xu Xudong said earlier that Far Eastern may launch an initial public offering in Hong Kong, depending on the market conditions.