Tencent in talks to join bid for Amer Sports

HONG KONG • Internet giant Tencent Holdings Ltd is in talks to join a Chinese investor group pursuing a takeover of Finland’s Amer Sports Oyj, people familiar with the matter said.

Tencent, China’s largest social-media company, is considering joining the consortium led by Anta Sports Products Ltd as a minority investor, according to the people.

The buyer group is also in talks with other potential minority partners, though no rm agreements have been reached, the people said, asking not to be identified because the information is private.

Shares of Amer rose 3.6% to €35 at 10:23am yesterday in Helsinki, on track for the highest close in more than six weeks, after earlier jumping as much as 5.8%.

Anta said in September it had joined with Chinese buyout rm FountainVest Partners to make an indicative offer of €40 per share for Amer, valuing the target at about €4.7 billion (RM22.27 billion).

The consortium has been progressing in the potential takeover and is seeking at least €3.5 billion in loans, Bloomberg News reported last month.

The Chinese suitors aim to reach an acquisition agreement as soon as the next several weeks, according to the people. Any deal could still face delays or fall apart, the people said. — Bloomberg