Wanda expands global footprint with UK plans
By Meng Jing and Lyu Chang | China Daily | Updated: 2013-06-20 07:23
Chinese conglomerate Dalian Wanda Group is to invest more than 1 billion pounds ($1.6 billion) to buy a British yacht maker and to build a top-end hotel in central London, in a bid to expand its overseas presence.
The company said on Wednesday that it will pay about 320 million pounds to acquire a 91.81 percent stake in Sunseeker International Ltd, a Dorset-based luxury yacht manufacturer which is famous for providing yachts for James Bond movies.
The remaining 8.19 percent stake will be acquired by Sunseeker's management team. The deal is expected to be completed by mid-August.
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