IN BRIEF (Page 15)

BAIC to sell shares

Beijing Automotive Industry Holding Co is considering selling shares of its unit BAIC Motor Co in an initial public offering, the company's vice president Han Yonggui, said in an interview with Bloomberg yesterday. The company hasn't decided on the timing of the IPO or the amount it plans to raise, and it will use the proceeds to expand its joint venture businesses and self-owned brands, he said.

Baoshan profits rise

Baoshan Iron & Steel Co, China's biggest publicly traded steelmaker, said profit for the first nine months may have risen by between 170 percent and 190 percent from a year ago, more than earlier forecast.

Steel prices were higher than expected and the strong Chinese currency also helped, the Shanghai-based company said in a statement to the Shanghai stock exchange.

The steelmaker raised prices in October for its benchmark products for the first time in five months, as falling output in the nation trimmed oversupply. Baoshan Steel forecast its nine-month profit may rise 140 percent over last year.

Sinochem takeover unlikely

Sinochem Group, China's largest fertilizer trader, may struggle to get state financial backing for a takeover of Potash Corp of Saskatchewan Inc., making a deal unlikely, Bloomberg reported, citing two people with knowledge of the matter.

China's government has indicated it would prefer Sinochem to finance any takeover without credit from state banks, which may put the transaction beyond the company's reach, the people said.

Sinochem may still consider seeking a minority stake, a deal that would be easier to fund, one person said.

Potash Corp, the world's largest producer of its namesake crop nutrient, in August rejected Melbourne-based BHP Billiton Ltd.'s $40 billion offer as too low and said it's seeking other bids.

Harbin partners with GE

China's Harbin Power Equipment Co formed a joint venture with General Electric Co, the world's second-biggest maker of wind turbines to make and supply equipment in the world's biggest market.

The new venture joins GE, whose power- generation equipment supplies a third of the world's electricity, with Harbin Power's subsidiary, Harbin Electric Machinery Co. The venture will make equipment for projects that include onshore and offshore developments using direct-drive, or gearless, technology.

The $13 billion wind market will expand sixfold to 150 gigawatts by 2020, the Fairfield, Connecticut-based company said in a statement.

Bright to buy Biscuits

Bright Food Group Co, Shanghai's biggest food and dairy company, is in discussions for a possible acquisition of the UK's United Biscuits from Blackstone Group and PAI Partners.

The Sunday Times reported that Bright Food is in exclusive talks to buy United Biscuits, the maker of Jaffa Cake and McVitie's cookies, in a transaction that may be valued at 2 billion pounds ($3.2 billion).

China Daily - Agencies

(China Daily 10/12/2010 page15)