TITLE

Carlyle takes 85% of XCMC

PUB. DATE
November 2005
SOURCE
International Construction;Nov2005, Vol. 44 Issue 9, p10
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Carlyle Group has confirmed that it will acquire an 85% stake in Xugong Group Construction Machinery Co. (XCMC). The U.S. private equity group will pay US$ 375 million for the controlling stake in China's largest construction equipment manufacture. XCMC is currently owned by Xuzhou Construction Machinery Group, which will retain a 15% shareholding. The deal is also thought to be the largest ever sale of a Chinese state-owned asset to a foreign investor, and has been taken as a significant milestone in the opening-up of Chinese industry to overseas ownership.
ACCESSION #
18886066

 

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