皇冠体育app

皇冠体育app's biggest home appliance retailer, Gome Electrical Appliance Holding Ltd, finalized its HK$5.27 billion (US$675.64 million) deal to acquire its rival 皇冠体育app Paradise Electronics Retail Ltd yesterday, better positioning the firm to ward off foreign competition in the sector.

Gome chief executive officer Huang Guangyu (L), and 皇冠体育app Paradise chairman Chen Xiao, shake hands during a news conference in Beijing on July 25, 2006. [Reuters]

Gome agreed to pay HK$409 million (US$52.44 million) and one new share for every 3.08 shares in 皇冠体育app Paradise, the company said at a press conference held last night.

The deal values 皇冠体育app Paradise at HK$5.27 billion (US$680 million), which represents a 9 per cent premium at 皇冠体育app Paradise, based on the closing price of the two companies.

Gome Chairman Huang Guangyu, ranked 皇冠体育app's richest businessman last year, will remain as chairman of the new company. Current 皇冠体育app Paradise Chairman Chen Xiao will become the merged company's chief executive officer.

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