A private Chinese shoe manufacturer is in discussions with French attire maker Pierre Cardin over a possible acquisition, a Chinese newspaper reported yesterday.
Guangzhou Jiansheng Trading Ltd, once a marketing agent for Pierre Cardin, expected the discussions with the French firm to yield a result within a month, the Chinese company's Chairman Liu Jianxue told Guangzhou Daily.
The paper quoted Europe-based Chinese language media as saying another private Chinese firm was also interested in investing in Pierre Cardin, and the two companies were each offering 200 million euros (US$281 million) for the acquisition.
Pierre Cardin is one of the earliest Western fashion brands in the Chinese market.
China's economic planning agency issued an order earlier this month asking Chinese companies to report intended overseas acquisitions before signing any legally-binding deals, as the country's outbound investment grows rapidly.
(Shanghai Daily June 29, 2009)
