Rotary Vortex buys Shuanghui

SHANGHAI: Goldman Sachs Group Inc's Asia unit said yesterday its Hong Kong-based joint venture had acquired a majority holding in Henan Shuanghui Investment & Development Co Ltd, a leading meat processing company in Luohe, Henan Province.

After the acquisition, the joint venture Rotary Vortex Limited, which is 51 percent owned by Goldman and 49 percent by Dinghui Shine Co Ltd, will hold 60.72 percent of Shuanghui's A shares.

Rotary had separately offered to buy the shares it did not already own in Shuanghui at 18 yuan apiece, Shuanghui said. The offer must be approved by the China Securities Regulatory Commission.