Date: 2013-07-31

China's Machine Tool Makers Eye German Peer: Sources

State-owned Shenyang Machine Tool (SMTCL) 000410.SZ confirmed that it is in talks to acquire Goeppingen-based MAG Group and two sources close to the transaction said that rivals like Dalian (DMTG) TMTMAA.UL, Quier Machine Tools and YierMT Group are also looking at the asset.

Separately, private equity investors like Triton or DBAG (DBAG.DE) are also looking at the group, which last year posted sales of 900 million euros ($1.1 billion) and employs 3,500 staff, one of the sources said.

"After a successful evaluation phase, we are in talks with a large number of qualified potential bidders from around the globe," a MAG spokesman said.

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