China’s Haier wants to take an $8 billion subsidiary private via a complex multi-step deal. The tidy-up would streamline shareholdings and free cash for the indebted parent to play with. petesweeneypro
Haier, the world's biggest maker of household appliances, is mulling a major restructuring that will see its main unit Haier Smart Home list in Hong Kong, then take subsidiary Haier Electronics private via a share swap, Reuters reported on Dec. 12 citing two people with direct knowledge of the matter.
In a statement responding to the Reuters report, Haier Smart Home said it is “exploring a proposal” to privatise Haier Electronics via a securities exchange facilitated by the issuance of new shares in Hong Kong. It said no agreement has been made so far. Shares of the Hong Kong-listed Haier Electronics Group opened up 13% to HK$24.70 on Dec. 17, after trading was halted on Dec. 13.
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