Goldman to Buy 10 Pct Stake in China Glass Maker

SHANGHAI, Nov 20 (Reuters) - China's Fuyao Group Glass Industries Co. Ltd. (600660.) said on Monday that Wall Street bank Goldman Sachs plans to buy a 9.98 percent stake in the country's biggest auto glass maker for 890 million yuan ($113 million).

Fuyao will issue new shares in a private placement for 8 yuan a piece to an investment arm of Goldman Sachs, it said in a statement.

The stock placement comes after talks between Ford Motor Co. and Fuyao on the sale of some of Ford's North American glass-making assets were halted indefinitely, industry sources told Reuters in September. ($1=7.87 Yuan)

600450 Goldman to Buy 10 Pct Stake in China Glass Maker glassonweb.com
Date: 20 November 2006
Source: Today.reuters.com

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