French home appliance giant SEB expressed confidence yesterday that its troubled takeover of Chinese cookware firm Supor would finally be approved by the Chinese authorities.

"We hope the deal will be approved as soon as possible by the Ministry of Commerce and the China Securities Regulatory Commission," said Vincent Tai, the newly appointed managing director of Shanghai SEB Electric Appliances Co Ltd, SEB's wholly-owned firm in China.

Speaking at a press conference marking SEB's 10th anniversary in China, Tai pointed out that, "90 percent of Supor's shareholders have voted for the deal."

In August, SEB announced plans to take a 51-59 percent stake in Zhejiang Supor Cookware, a Shenzhen-listed company and a leading manufacturer of pressure cookers, woks and other kitchenware in China, in a deal worth around US$300 million.

But the proposed takeover sparked a storm of protest from Chinese cookware manufacturers, who urged the government to block the deal over fears of a potential monopoly.

Tai insisted that the takeover was not a hostile move "targeting any competitors.

"We just want to offer the best products we can to Chinese consumers."

"This is an open market. Everything is decided by the consumer."

This year is an important one for SEB in China, remarked Tai, noting that the firm so far had a rather low-profile presence in the country.

With a history of 150 years, SEB has established itself as a world leader in small home appliances including irons, electric kettles and pressure cookers.

It boasts world-famous brands such as Krups, Rowenta, Moulinex and Tefal. With a sales network covering 150 countries and regions, SEB achieved a global turnover of US$2.95 billion last year.

"China is a market that we want to be a leader in. To do that, we need a platform," said Tai.

(China Daily September 22, 2006)