CDH buys China's top battery producer from P&G

Procter & Gamble (PG.NYSE) has sold off a 78.8% stake in Fujian Nanping Nanfu Battery Co. to Beijing-based CDH Investments Fund Management, marking the first time P&G has sold a brand to a Chinese buyer, Bloomberg reported, citing an email from CDH. P&G announced a plan in August that would divest the company of 100 product lines, accounting for 10% of sales. Buyer CDH said it had purchased China’s top alkaline battery maker for “nearly” US$600 million. Last month, P&G said it would sell the Duracell battery brand to Berkshire Hathaway Inc. for US$4.7 billion in stock.