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Chinese conglomerate HNA will buy US technology distributor Ingram Micro for $6.0 billion Vladimir Sobotka Shirt , a statement said, the latest firm to snap up a foreign entity as part of Beijing's outward investment drive.
Tianjin Tianhai Investment, a unit of HNA, will pay $38.90 per share in an all-cash transaction, New York-listed Ingram Micro said in a statement, representing a 31 percent premium to its Wednesday closing price.
The move comes as Beijing looks to encourage companies to invest abroad to secure raw materials and seek out reliable returns as the economy at home struggles.
State-owned China National Chemical Corp. this month offered $43 billion for Swiss pesticide and seed giant Syngenta -- which would be the biggest-ever overseas acquisition by a Chinese firm if completed.
The HNA deal will be among the top 10 most valuable acquisitions made by a Chinese company Colton Parayko Shirt , according to data from research firm Dealogic.
Ingram Micro distributes products for the likes of Apple (LSE: 0R2V.L - news) , Microsoft (NasdaqGS: MSFT - news) , IBM (NYSE: IBM - news) and Cisco with more than 200,000 customers in approximately 160 countries, it says on its website.
HNA -- best known as a parent of Hainan Airlines -- said the acquisition would help grow its business overseas and transform its existing logistics unit.
"With the help of Ingram Micro, HNA Group would have access to business opportunities in emerging markets Carter Hutton Shirt , which have higher growth rates and better profitability," HNA chief executive Adam Tan said in the statement.
The transaction, which has already been approved by the boards of both companies, is expected to be completed in the second half of the year, the statement released Wednesday said.
Ingram Micro will remain headquartered in California and the current management team will stay in place, it said.
TOKYO Jake Allen Shirt , Sept. 14 (Xinhua) -- Tokyo stocks were essentially flat Thursday morning as buying prompted by a rise in crude oil prices was offset by investors opting to lock in gains following the market's recent gains.
The 225-issue Nikkei Stock Average inched up 7.80 points, or 0.04 percent, from Wednesday to 19,873.62.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, edged 1.07 points Kyle Brodziak Shirt , or 0.07 percent higher, to 1,638.40.
Mining, oil and coal product issues comprised those that gained the most by the morning break, whereas marine transportation and nonferrous metal issues led those that declined.
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TOKYO, Sept. 8 (Xinhua) -- Japan's economy grew an annualized 2.5 percent in the April-June period with the . |
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