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CDB, Citibank 'in talks to buy Gome stake'

By Li Weitao (chinadaily.com.cn)
Updated: 2009-02-27 20:32

China Development Bank (CDB) and Citibank are in talks with Gome Electrical Appliances Holdings Ltd to buy stakes in China's second-biggest electronics retailer, according to a report on China's major Internet portal Sohu.com on Friday.

Related readings:  China Development Bank says no plan to buy Shenzhen bank  Gome may swap shares for capital  China Development Bank to be commercialized  Gome chairman suspended from post

Citing unnamed sources, the report said top Gome executives approached CDB and Citibank about the stake sale over the past few days.

Hong Kong-listed Gome has been considering selling as much as a 20 percent stake in the firm, which could be worth around HK$2.8 billion based on its latest stock price, to private equity funds since its founder Huang Guangyu was detained for alleged share manipulation late last year.

Goldman Sachs Group Inc ended talks advising Gome on the stake sale following a disagreement over terms, a Bloomberg report said on Thursday, citing unidentified sources.