Chinese TV maker TCL trying to gobble up fridge maker

GUANGZHOU/TOKYO -- Leading Chinese TV maker TCL is seeking to swallow Guangdong Homa Appliances, a big manufacturer of refrigerators, in a hostile takeover bid.

TCL already has a 20% stake in Homa Appliances, whose stock it began snapping up at the beginning of the year. The move, at diversifying TCL's business portfolio, comes in response to radical changes in the business environment. After years of rapid growth, backed by a vast domestic market, Chinese appliances makers are under strong pressure to branch out into new businesses and markets.