Chinese aerospace firm Skyrizon has renewed its bid to acquire a controlling stake in Ukrainian aircraft engine manufacturer Motor Sich. Reports in China have said the stake is worth more than 50%.
The acquisition was confirmed in a filing to the Shanghai stock exchange on 12 July by the Beijing Xinwei Technology Group Company, which has business and legal links to Skyrizon.
In its filing, the company said Skyrizon – also known as Beijing Tianjiao Aviation Industry Investment Company – is seeking approval for the acquisition from Ukrainian authorities.
The Beijing Xinwei Technology Group Company also said the acquisition would be funded through the issuance of shares, as well as cash.
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