China's Ministry of Commerce expects to give the go-ahead to a bid led by Wall Street bank Goldman Sachs to acquire China's largest meat-processing company sometime soon. A consortium led by Goldman Sachs, called Rotary Vortex, won a bid to buy the Shuanghui group, also known as Shineway Group, for around $250 million in May.

But the deal has been awaiting approval from the commerce ministry since the State Assets Supervision and Administration Commission, the agency that oversees state firms, gave its initial nod in August.

Guo Jingyi, deputy head of the commerce ministry's treaty and law department, said that like other deals it had recently permitted to go ahead, the Shuanghui bid would be given the ministry's blessing.

"As for the Shuanghui acquisition ..., we will also approve it," Guo told a meeting. He did not specify when that would occur.  Authorities have been dragging their feet on approving some major foreign investments in Chinese firms, fearing China might be selling its assets too cheaply. But deals that have been stalled are largely in strategic areas of the economy such as heavy machinery, not in consumer goods.

Goldman has become increasingly active in China, having recently struck two other deals with Chinese firms. Last week, Chinese appliance maker Midea said Goldman had agreed to buy a 10.7 percent strategic stake in it for around $91 million.

Source:佚名