Australia’s Seven Group Holdings (SVW.AX) said on Tuesday it would sell its Chinese mining machinery division WesTrac China to Chinese firm Lei Shing Hong Machinery for A$540 million ($428.33 million).
Lei Shing Hong Machinery is a subsidiary of Chinese conglomerate Lei Shing Hong Limited which distributes Caterpillar (CAT.N) earthmoving, mining and construction equipment throughout eastern China and Taiwan.
The Chinese government must approve the deal with the Australian media and mining company, Seven Group said in a statement to the Australian Securities Exchange.
Source: Reuters.com