26 June 2013

Chinese firms buying firms worldwide

Chinese firm to buy British yacht maker Sunseeker | Business | guardian.co.uk: "The Chinese conglomerate Dalian Wanda Group is buying the British yacht maker Sunseeker, whose yachts have appeared in several James Bond films, in the latest example of a trend for Chinese companies to acquire top luxury global brands. The company said on Wednesday it had agreed to buy a 91.8% stake in privately held Sunseeker for £320m. Chinese companies have started to acquire top international brands as a shortcut to global success. There is also growing demand for luxury in mainland China, where new marinas line the country's southern coast. Set up in the 1970s, Sunseeker employs around 2,300 people in and around Poole in Dorset on the south coast of England. Following the acquisition, the firm would retain the base and existing workforce, Wanda said. Prices for its luxury boats start at £400,000 and its new top-of-the-range 155 Yacht costs £20m, with the former Formula One boss Eddie Jordan the first customer." (read more at link above)

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