China's CIMC to acquire 75% stake in F&G
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China International Marine Containers (Group) Ltd. (CIMC) said Tuesday it would acquire a 75-percent stake in Friede & Goldman United (F&G), a U.S.-based naval architecture and marine engineering firm for the offshore drilling market.
In a statement filed to the Shenzhen Stock Exchange, CIMC, one of the world's largest container producers, said it would purchase F&G shares owned by Russian shipbuilder MNP Group, for 75 million U.S. dollars. It said this acquisition was approved at a board meeting Monday.
The Shenzhen-based company said the acquisition could help Yantai Raffles Shipyard Limited, a Singapore-based marine company it acquired in November 2009, to improve its design capability and win more orders.
Shares in CIMC gained quickly after the opening on Tuesday. It topped 14.1 yuan (2.1 U.S. dollars), more than 5 percent up from the previous close, in less than half an hour, before closing at 14.03 yuan at midday.
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