France's SEB become controlling shareholder of Chinese cookware maker Supor

SHENZHEN, Dec. 21 (Xinhua) -- China's leading cookware maker Supor said Friday that France's Groupe SEB has become its controlling shareholder by completing acquisition of 52.74 percent of its shares for 327 million euros.

Groupe SEB, which had already held 30 percent in Supor, paid 217 million euros Thursday to Supor at a price of 47 yuan (6.4 U.S. dollars) per share, said Su Xianze, who will remain the president of the Chinese firm.

The move ended the purchase which started in August 2006. The previous takeover price was 18 yuan per share.

The founding Su family holds a 36-percent share after the deal, but the shares in circulation were reduced to 11 percent, compared with the minimum requirement of 25 percent for listed companies in China, arousing concerns that Supor may be forced out of the stock market.

"Supor will not be delisted," said Su, adding that there would be a period of suspension for stock exchange so that the company can raise the ratio of public shares.

Thierry de La Tour d'Artaise, chairman of Groupe SEB, said he was satisfied with the average price of 30.5 yuan per share. "We will improve the competitiveness of Supor and continue to use its brand for products in China," he said.

Supor will concentrate on developing the southeast Asian market over the next five years and extend to other international markets, Su said.

Founded in 1994, Supor is a leading cookware manufacturer in China. It started to make small electric home appliances in 2001. As one of the world largest cookware makers, Groupe SEB has a history of more than 150 years.