Li & Fung in talks to buy S.Korea kids' apparel maker for $184 million: report
SEOUL (Reuters) - Hong Kong's Li & Fung Group (0494.HK) is in talks to acquire South Korean children's apparel maker Suhyang Networks for roughly 200 billion won ($183.73 million), a South Korean newspaper reported on Tuesday.
Maeil Business Newspaper said Li & Fung recently completed due diligence on Suhyang and is currently in price negotiations, citing unidentified investment banking sources.
A Suhyang official authorized to speak on the matter could not be reached immediately.
(Reporting by Joyce Lee)
DETROIT - General Motors Co reported a much lower second-quarter profit on Thursday due to numerous recalls and the expected cost of at least $400 million for a compensation fund for those killed or injured by a defective ignition switch linked to at least 13 deaths.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.