China's CIMC, the world's biggest maker of shipping containers, plans to take over Dutch rival Burg Industries in a 108 million euro deal, in its second attempt to acquire the company.

A CIMC unit and Peter van der Burg, a Burg shareholder, will set up a 60 million-euro venture called Newco, and the venture would take over the Dutch company for 108 million euros, CIMC said in a statement.

The CIMC unit would own 80 percent of the venture, and van der Burg will own the remaining 20 percent. Both hope to close the deal before the end of March, 2007, the Chinese company said. "The takeover is in line with our company's long-term development strategy and would further improve our competitiveness," it said.

China International Marine Containers (Group) Co. Ltd. (CIMC) is among a small club of ambitious Chinese manufacturers, including appliance manufacturer TCL Corp. and PC maker Lenovo , that have been seeking to expand beyond China to promote their brands.

CIMC's first attempt to take over Burg Industries last year had failed because of an investigation by the European Union. CIMC and van der Burg's current plan still requires approvals from the Chinese, German and Dutch governments. The planned takeover could expand CIMC's product line and improve its profitability, Citic Securities said in research note.

Source:佚名