HONG KONG -- A unit of Hisense Group, a major home-electronics maker in China, has reached a deal to purchase a controlling stake in a Japanese auto parts company, pushing the subsidiary's shares up 10% in mainland trading on Tuesday.
Hisense Home Appliances Group, a subsidiary of Hisense Group, announced after the market closed on Monday a deal to buy a 75% stake in Sanden Holdings, saying it would pay 21.41 billion yen ($200 million) for newly issued shares at a steep discount of 256 yen each -- 44% below the closing price prior to the announcement and 40% lower than the one-month average.
