ICI Swire in acquisition

ICI Swire in acquisition

HONG KONG (AFP): ICI Swire Paints Co. Ltd., a joint venture between Swire Pacific Ltd. and Imperial Chemical Industries Ltd., is holding talks with a China-owned paint firm to acquire a stake in the company or set up a joint venture, its finance director Stanley Ng said yesterday.

Ng said negotiations with Chongqing Three Gorges Paint Co. Ltd. in southwestern China were initiated last week in Shanghai by ICI Swire's Hong Kong managing director Barry Matthews.

He told AFX-Asia, an AFP-affiliated financial news wire, that the negotiations could lead to "an acquisition of a stake in Chongqing Paint or we may set up a new company jointly."

ICI Swire expects discussions to progress further in early September when a larger delegation of senior management is to visit Chongqing Paint, Ng said.