Wed, Nov 27, 2019 - Page 10 News List

World Business Quick Take

Agencies

APPAREL

Anta Sports mulling sale

Anta Sports Products Ltd (安踏體育用品) is considering a sale of its fitness equipment brand Precor Inc after being approached by potential buyers, people familiar with the matter said. The biggest sportswear maker in China is working with an adviser for a potential sale of the US business that could fetch about US$500 million, the people said. A number of companies and private equity funds have shown preliminary interest in acquiring Precor, which designs and makes indoor cycling bikes, treadmills and elliptical machines, they said.

CHIPMAKERS

Intel seeks buyers for unit

Intel Corp is seeking buyers for its connected home division, a unit that makes chips used in home Internet access gear, people familiar with the matter said. The chipmaker has hired a financial adviser and is seeking to sell the unit that has annual sales of about US$450 million, said the people, who asked not to be identified because the matter is private. Intel declined to comment. Intel chief executive officer Bob Swan has said that he is looking at the company’s operations and would explore options for areas where it is not competitive.

CHEMICALS

Showa Denko eyes Hitachi

Showa Denko K.K. said it is considering buying Hitachi Ltd’s stake in Hitachi Chemical Co. The Japanese producer of petrochemicals, resins, ceramics, metals, carbon and electronic materials, said it is not the source of a Nikkei newspaper report saying that Hitachi was going to award it with preferred negotiation rights for the sale of Hitachi Chemical.

PHILIPPINES

Probe urged over China

A senator yesterday urged lawmakers to investigate China’s access to the country’s power grid, warning of a security threat and possible sabotage due to Beijing’s stake in the nation’s only transmission firm. Risa Hontiveros filed a resolution warning of Chinese-engineered power and Internet outages and interference in elections if safeguards remained absent, citing confirmation last week from a power executive that a “hostile third party” had the ability to cause blackouts. The Chinese embassy in Manila did not respond immediately to a request for comment.

MEXICO

Country enters recession

The country registered a recession in the first two quarters of this year and zero growth in the third, revised official data released on Monday showed. The downward revision confirmed the economy’s weak performance under President Andres Manuel Lopez Obrador, who is struggling to deliver on a promise to kick-start growth in his first year in office. The economy contracted by 0.1 percent in each of the first two quarters and stagnated in the third, according to the revised figures from national statistics institute INEGI.

UTILITIES

Hyflux, Utico strike deal

Troubled Singapore water treatment firm Hyflux Ltd has entered a restructuring deal with Middle Eastern utility Utico FZC. Under the agreement, Hyflux would get investment totaling S$400 million (US$293 million) from Utico, an exchange filing said. A court hearing for the debt-laden firm is scheduled for tomorrow. Hyflux, Singapore’s highest-profile debt restructuring, had been looking for a white knight investor after a deal with Indonesian consortium SM Investments fell apart in April.

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