Sichuan Changhong Electrical Co, China's second-biggest television maker, halted a plan to buy a 24-percent stake in washing-machine maker Wuxi Little Swan Co on cost concerns.

 

Changhong has decided to "temporarily give up" submitting a bid because the price is "too high," the company told the Shanghai Stock Exchange.

 

The 24-percent stake, or 87.67 million shares, can't be sold for less than 1.65 billion yuan (US$230 million), Changhong said, citing a government regulation.

 

The buyer also must pay the full amount in cash, it added.

 

(Shanghai Daily February 18, 2008)