Goldman cedes control in new venture

Goldman Sachs has unexpectedly given up control of the consortium that owns China's largest meat processor, the Financial Times reported. The move came just weeks after government approval for the takeover of Shineway Group, which owns the meat processor, was secured. The takeover was to have been carried out through Rotary Vortex, a partnership between Goldman and Chinese private equity group CDH Investments. On Tuesday, however, a listed unit of Shineway Group said Goldman would sell a 5% stake in Rotary Vortex to CDH, making the US investment bank a minority partner. Observers said the move may have been triggered by a domestic backlash against Goldman owning a Chinese asset. Regulators have blocked other Goldman deals in the past.