According to a report in the South China Morning Post, the Ministry of Commerce is blocking a US$252m-bid for meat processor Shineway Group led by Goldman Sachs. The Ministry’s approval is needed before a deal can close.
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“It’s a very complicated issue and I’m unable to give specifics,” a ministry spokeswoman was quoted as saying by the Hong Kong daily.
Rotary Vortex, the fund attempting to acquire Shineway, took a majority stake in Shineway in April this year.
As China considers its position on foreign investment, foreign acquisitions of leading Chinese firms have come under increasing scrutiny.
