Goldman hits a wall

A fund led by Wall Street giant Goldman Sachs has hit regulatory hurdles in its deal to acquire China’s largest meat company as Beijing plans new rules on foreign takeovers, people familiar with the situation said on Thursday.

A consortium led by Goldman Sachs, called Rotary Vortex, has been waiting for the green light from Chinese regulators after winning the bidding for China’s biggest eat-processing firm Shuanghui, also known as Shineway Group, for approximately 2 billion yuan ($251 million) in May.

The Goldman-led fund could suffer a similar fate as US buyout firm Carlyle. Carlyle has been waiting since October for regulators to approve its $375 million bid for 85 % of China’s leading heavy machinery maker, Xugong Construction Machinery.

http://www.financialexpress.com/fe_full_story.php?content_id=136934