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Bidding plan halted on cost concern
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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)


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