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Wednesday, October 25, 2006
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Goldman Sachs makes headway in buying Chinese meat integrator

CHINA - Hopes for the stalled acquisition of Shineway shares by Goldman Sachs Group to proceed on Friday (Oct 23) were raised as the deal received regulatory approval from the State-owned Assets Supervision and Administration Commission.

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The approval meant that the deal has cleared the single greatest legal hurdle three and-a-half months after both parties have finalised details.

However, both parties have stressed that the road ahead is far from being cleared. Approval still has to be sought from the Ministry of Commerce.

Shineway is one of China's biggest meat integrators. Its business is mainly in chilled meat and other meat products. It has 3 provincial subsidiaries, 318 stores and contracts with more than 4,000 retail outlets. Sales in 2004 reached RMB 11.86 billion. (US$1.5 billion) and ranks as the 63rd largest retail chain in China.

The exact number of shares to be acquired has not been disclosed.

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