- china fund, China joint venture, Fund Management, majority-control
The price for (2%) control requires a 33% premium
- Details of the closely followed equity auction of China International are now public, valuing the company at USD1.8bn.
- On a relative valuation basis, the deal looks rather rich, whether including or excluding the premium for control.
- Although it is just a single reference point, global managers should expect the deal’s metrics will be applied to all that follow.
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