Sichuan Changhong Electrical Co, China’s second largest TV maker, has withdrawn its bid to acquire a 24% stake in washing-machine maker Wuxi Little Swan after the two parties failed to reach a price consensus, the Shanghai Business Journal reported. In a statement to the Shanghai Stock Exchange, Changhong said it had temporarily suspended bidding because the price was too high.
Wuxi Guolian Development Group, which is selling its interest in Little Swan, asked for at least US$229.73 million (RMB1.65 billion) in cash for the 24% stake. Guangdong-based Midea Electric Appliance and Italy’s Indesit have also been reported to be interested in making a bid.