Printer maker Lexmark International Inc said it has agreed to be taken private by a group of investors led by China-based Apex Technology Co Ltd and PAG Asia Capital in a deal valued at $3.6 billion. Lexmark said the deal would help it penetrate the Asia-Pacific market. The deal is expected to close in the second half of this year, subject to regulatory approvals, including by the Committee on Foreign Investment in the United States.

LeEco's electric car makes Beijing debut

LeEco Holdings Ltd debuted its first electric car with auto-driving capability on April 20. The company also plans to open an "experience store" for the vehicle in downtown Beijing this year. The car, a four-seat sedan named LeSEE, can be activated via voice control. LeEco did not disclose the price or technical details of the car. This month, LeEco-backed car company Faraday Future kicked off construction of its first plant in the United States.

Gold mining giant targets overseas buys

Shandong Gold Group Co, owner of China's second-largest gold miner by market value, is seeking to expand overseas to feed rising local demand following bullion's best quarter in almost three decades. The gold mining company, based in Jinan, Shandong province, is targeting assets in countries that have stable social conditions. The focus is both across the Belt and Road Initiative countries and in North America, according to general manager Li Guohong.

Group targets June takeover of AC Milan

A Chinese consortium bidding to take over AC Milan, the football club controlled by former Italian prime minister Silvio Berlusconi, is hoping to have the deal done by June, sources close to the negotiations said. Berlusconi's Fininvest and the Chinese group have already discussed plans to strengthen the squad, and the initial investment would be used to make the team more competitive rather than clear debts, the source said.

Hebei agrees to buy Serbian steel plant

Hesteel Group signed a 46 million euro ($52.9 million) deal to buy the loss-making Serbian steel plant Zelezara Smederevo on April 18. It is subject to approval by Serbian competition authorities and the European Commission will be consulted. Hesteel, formerly Hebei Iron Steel Group, was the sole bidder for the plant, which employs 5,050 people.

Alibaba to invest in Paramount sci-fi movies

Alibaba Pictures Group Ltd has agreed to invest in two Paramount Pictures movies, Teenage Mutant Ninja Turtles: Out of the Shadows and Star Trek Beyond, which will be released in North America this summer, according to a statement on April 18. Financial terms were not disclosed. Last year, Alibaba invested in the Hollywood studio's Mission: Impossible - Rogue Nation.

TCL investing in Brazil to boost market share

TCL Communication Technology Holdings Ltd is investing in new hires and wider distribution of its Alcatel OneTouch phones in Brazil to steal market share from competitors. The Brazilian unit of the Chinese phonemaker is now selling directly to 50 retail clients and 10,000 stores, compared with 15 clients and 3,500 stores a year ago.

New shipping alliance sets sail

China COSCO Shipping Corp Ltd and three partners, including France's CMA CGM SA, announced on April 20 a new shipping partnership, Ocean Alliance, formed to challenge 2M, the world's largest container carrier alliance. Formed by Denmark's Maersk Line and Switzerland's Mediterranean Shipping Co, 2M manages more than 200 vessels. Other members of the new COSCO alliance are Taiwan-based Evergreen Line and Hong Kong's Orient Overseas Container Line. The new alliance has a fleet of more than 350 container ships.

Telstra, Ping An say Autohome deal binding

Telstra Corp and a unit of Ping An Insurance Group Co have said their agreement over the sale of a $1.6 billion stake in China's Autohome Inc is binding, indicating the transaction will go ahead despite the emergence of a higher management buyout proposal. Ping An Trust Investment Co, which agreed to buy a 48 percent stake in Autohome from Melbourne-based Telstra, has signed a binding accord with the Australian company, Ping An Trust told Bloomberg.

Remy Cointreau Q4 sales beat projections

French distiller Remy Cointreau SA reported fourth-quarter sales that beat estimates, as the Chinese market improved. Sales rose 9.8 percent on an organic basis in the three months through March, the Paris-based company said on April 19. Analysts expected a 5.6 percent advance, according to the median of 15 estimates. Also, Hennessy cognac owner LVMH recently also signaled a gradual recovery in the China market after two years of falling demand.

Chinese-led group to buy Australian cattle rancher

A Chinese-led group has agreed to buy Australia's most iconic cattle company in a deal valued at more than A$370 million ($284 million; 251 million euros) after joining with local investors. The venture, headed by a company controlled by Shanghai Pengxin Group, will purchase 80 percent of S. Kidman Co, according to a statement on April 19 to the Shenzhen Stock Exchange. Australian Rural Capital Ltd will take a 20 percent stake. The deal requires approval from Chinese regulators and Australia's Foreign Investment Review Board, which last year blocked the sale of Kidman to an overseas buyer on grounds of national security.

Shanghai launches yuan gold fix

The Shanghai Gold Exchange, the world's largest physical gold bourse, launched a yuan-denominated gold benchmark on April 19. The Shanghai Gold Benchmark Price could help China gain a pricing power that matches its position as the world's top producer, importer and consumer of the precious metal. The benchmark price will be derived from a 1-kilogram contract for gold ingots with a fineness of no lower than 999.9, traded by 18 participants on the exchange. The price will be quoted in the yuan per gram and settled via the SGE platform, according to the official website.

( China Daily Africa Weekly 04/22/2016 page24)