Steinway draws takeover interest from China Poly Group

BEIJING - Steinway Musical Instruments Inc, best-known for its grand pianos and controlled by US hedge fund billionaire John Paulson, has attracted takeover interest from China Poly Group Corp, Bloomberg reported on Monday citing unnamed sources.

The State-owned conglomerate is in the early stages of considering an offer, and other suitors may also emerge for the Waltham, Massachusetts-based company, Bloomberg said.

Steinway pianos have been used by legendary artists such as Cole Porter and Sergei Rachmaninoff, as well as contemporary stars including Chinese concert pianist Lang Lang.