Friday, 31 July 2015
Last updated 10 hours ago
Dec 14 2011 | 10:49am ET
Hedge fund D.E. Shaw Group is nearing a deal to buy a big chunk of a Chinese state investment company.
New York-based D.E. Shaw is in advanced negotiations to buy between 15% and 20% of Tianjin TEDA International Holding, Bloomberg News reports. TEDA International handles the Tianjin city government's financial investments, and would follow D.E. Shaw's purchase earlier this month of about $150 million in newly-listed New China Life Insurance Co. shares.
D.E. Shaw could pay as much as 6 billion yuan (US$950 million) in the deal, which could be announced as soon as next month. TEDA took in some 88 million yuan in net income last year.
May 27 2015 | 2:15pm ET
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