Rongsheng scraps Quanchai buy-out
Rongsheng Heavy Industries, China’s largest private shipbuilder, has scrapped its long-delayed deal to acquire diesel enginemaker Anhui Quanchai Engine, in a move that could trigger a legal dispute.
Rongsheng first reached a preliminary agreement with Quanjiao county government to buy a controlling 44.4% stake in Shanghai listed Quanchai in April 2011, but delayed the final deal due to worsening economic conditions.
Less than 10 days before the regulatory deadline...
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