Anta bids for Finnish rival

Business | Bloomberg and Reuters 12 Sep 2018

Finnish sporting goods company Amer Sports has received a takeover approach from a consortium comprising its Chinese rival Anta Sports (2020) and a Hong Kong private equity firm FountainVest Partners, the firm reported yesterday.

The deal could fetch over EUR4 billion (HK$36.45 billion). The Finnish company said the consortium had indicated that it would acquire Amer's entire share capital for cash, adding that a deal was subject to conditions including the approval of shareholders holding at least 90 percent of its shares.

Anta has long targeted Amer as it seeks to expand overseas by buying other well-established brands. It aims to submit an offer to Amer Sports in the coming weeks and finalize the deal by the year end.

In other news, it was reported that a Chinese consortium including Hillhouse Capital is planning to drop its pursuit of a takeover of Yum China Holdings, the US$14 billion (HK$109.92 billion) operator of KFC restaurants, in the world's most populous nation.

The investor group, which also included KKR & Co and China's sovereign wealth fund, has decided not to continue pursuing a deal after its initial proposal was rejected. The consortium judged that Yum China's business conditions have worsened since its approach, limiting the scope for further negotiations, according to sources.

Yum China shares fell as much as 5.1 percent in New York before US markets opened.

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