Friday, 1 July 2016
Last updated 18 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.