China XD eyes takeover of GE power subsidiary

China XD Group, the State-owned power equipment maker, is in talks to buy General Electric Co's joint venture with Mexico's Xignux SA for as much as $1 billion, said three people with knowledge of the matter. XD Group's discussions to acquire Prolec GE International are at an early stage, said one of the people, who asked not to be identified. GE owns 49.99 percent of Prolec GE, according to a May 2012 statement by XD Group's listed unit China XD Electric Co.

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