BEIJING (XFN-ASIA) - Chinese machinery company Sany Heavy Industry Co Ltd (SHA 600031) and US fund Jana Partners may buy a combined 30 pct stake in Shenyang Machine Tool Group, China's largest lathe maker, the 21st Century Business Herald reported, citing sources.
No deal has been signed, but Jana and Sany are likely to be the winning bidders, the report said.
State-owned Shenyang Machine Tool offered to sell a 49 pct stake to domestic and foreign investors on the Shanghai United Assets and Equity Exchange late last year.
The company said it was seeking to sell the stake to a group of up to three shareholders, with no single bidder holding more than 30 pct and the combined foreign stake not exceeding 30 pct.
The Shenyang branch of the State-owned Assets Supervision and Administration Commission (SASAC) will hold 51 pct in Shenyang Machine Tool after the transaction.
Shenyang Machine Tool, with assets of around eight bln yuan, has four units, including Shenzhen-listed Shenyang Machine Tool Co Ltd (SZA 000410).