CITIC Securities Denies Joint Bid for English Premier League's Southampton Football Club With Amer
Yicai Global
/SOURCE : Yicai
CITIC Securities Denies Joint Bid for English Premier League's Southampton Football Club With Amer

(Yicai Global) Feb. 24 -- CITIC Securities Co. [SHG: 600030], China's largest securities company, denied reports suggesting it made a joint bid together with the non-ferrous metal producer Amer International Group for the English Premier League's Southampton Football Club

Earlier, Reuters news agency reported earlier that CITIC Securities and Amer will jointly bid for the club, offering GBP246 million (USD292 million).

Several sources at CITIC Securities said the company did not take part in such a joint bid for Southampton FC. CITIC Securities International Co., a subsidiary of CITIC Securities, headquartered in Hong Kong, also denied such investment, news portal finance.qq.com reported yesterday.

An increasing number of Chinese companies bought stakes in leading overseas football clubs. Among successful bidders are Wanda Group, Fosun International Ltd. and Suning Commerce Group.

After China's richest man and chairman of Wanda Group, Wang Jianlin, acquired a 20 percent stake in Atletico Madrid in Spain's super league La Liga at EUR45 million (USD47.6 million) in early 2015, more and more Chinese companies have joined the trend.

A Chinese consortium, led by Zhong'ou Sports Investment Management Co. and Haixia Capital Management Co., are about to complete a 99.93 percent acquisition deal for AC Milan in Italy's super league Serie A for EUR520 million. The deal will be finalized in March.

Commenting on Chinese firms' growing foreign investments, China's minister of commerce Gao Hucheng warned this week that some enterprises have made irrational foreign investments in their non-core business fields, including real estate, hotels, film studios, entertainment and sports clubs. Relevant government departments are taking decisive steps, coupled with active guidance. They carried out audits over the authenticity and compliance of related projects in accordance with relevant regulations to help enterprises make rational and prudent foreign investments.

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