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China National Machinery secures M&A loan

By Tong Hao (chinadaily.com.cn)
Updated: 2009-03-31 14:33

China National Machinery Industry Corp (CNMIC), the country's largest machinery manufacturer, has secured an 850 million yuan ($124.45 million) loan to aid its mergers and acquisition (M&A) activities, the State-owned Assets Supervision and Administration Commission (SASAC) said Tuesday on its website.

Related readings:  Chinese machinery industry to slow down in 2009  Construction machinery giants plan joint venture  China to discuss machinery, textile plans

The company reached the agreement with Bank of China, Bank of Beijing and China Citic Bank on March 26. CNMIC will use the money to acquire YTO Group Corp, another large-scale machinery manufacturer in China.

This is the first case of a joint M&A loan issued by bank groups after the banking regulator lifted restrictions last November, allowing Chinese lenders to make loans for M&A purposes.

CNMIC plans to inject 1.7 billion yuan to YTO Group Corp in 2009 for capital and stock increase.