US venture capital firm Carlyle's protracted bid to takeover Xugong could be derailed by Sany Corporation, another domestic heavy machinery maker, the Financial Times reported. The US firm agreed to pay US$375 million for 85% of Xugong in October but regulatory approval has yet to be given. Now privately-owned Sany has said it will pay a premium of 30% over Carlyle's offer in order to keep the company under Chinese control. Sany chief executive Xiang Wenbo revealed the news on his personal blog, saying that the company is moving to protect a national strategic industry. Sany later confirmed his comments.
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