Friday, February 20, 2009

ICBC offers loan for Lianhua takeover

The Industrial and Commercial Bank of China yesterday offered a loan of 400 million yuan (US$58.6 million) to help Shanghai Bailian Group in a 1.05-billion-yuan takeover to control Lianhua Supermarket.

The Shanghai branch of the Beijing-based bank issued the loan, its first for merger and acquisition. The China Banking Regulatory Commission gave the green light for M&A loans in December. The loan will smooth Bailian's takeover of a subsidiary of Shanghai Industrial Investment (Holdings) Co to gain a 21.17-percent stake in Lianhua Supermarket and become the chain's biggest shareholder and the controlling shareholder.

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