Goldman Sachs' US$119 million bid for a 9.98% share in China's Fuyao Group Glass Industries has failed to win aprroval from the China Securities Regulatory Commission, Reuters reported. Fuyao, China's largest automotive glass maker, agreed in 2006 to sell 111.28 million shares to Goldman for RMB8 (US$1.07) per share. The regulator cited the difference between this low sale price and Fuyao's current listing price of around RMB30 (US$4.02). The Ministry of Commerce had approved the deal in August, but the recent strength of the Chinese stock market has caused complications for such deals. Goldman's bid for a 10.7% stake in appliance maker Midea was blocked in August for similar reasons.
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