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NEW WORLD DEV Craters 5% on Rumor of Blackstone Capital Injection Talks w/ Firm Hitting Snag as Cheung Family Reluctant to Give Up Control
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Negotiations between Blackstone (BX.US) and NEW WORLD DEV (00017.HK) encountered obstacles because the Cheng family, which is at the helm, is unwilling to relinquish control, Bloomberg quoted insiders as saying. Blackstone has proposed injecting approx. US$2.5 billion into a special purpose vehicle, thereby becoming the largest shareholder of NEW WORLD DEV, while the Cheng family would invest US$1-1.5 billion, the report quoted sources as saying. As the Cheng family explores deals with other investors without giving up control, the pace of recent negotiations has slowed. NEW WORLD DEV opened 0.84% lower this morning (4th), and bottomed at $9. It last printed at $9.06, down 5.33%, with 7.2588 million shares traded, involving $66.9134 million. AASTOCKS Financial News Website: www.aastocks.com |
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