The US$252 million bid by a Goldman Sachs-led fund to take over meat processor Shineway Group has run into difficulty, another indication of Beijing's concern about the growing influence of foreign companies in key sectors. The fund, Rotary Vortex, outbid JP Morgan's private equity arm for the majority stake but the Ministry of Commerce, whose approval is required for the deal to progress, is stalling, the South China Morning Post reported. Goldman also holds a 10% stake in the country's second-largest meat processor, China Yurun Food. The move comes after an investigation was announced into the propose takeover of state-owned machinery maker Luoyang Bearing by German bearings company Schaeffler. The enquiry is to assess whether Schaeffler's US$138 million bid for most of Luoyang's assets represents fair value and doesn't damage national security, the Financial Times reported. Luoyang has produced industrial bearings that have been used in projects such as the Three Gorges Dam.
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