Chinese firm eyes on the Creator of the Steinway piano

  • Chinese firm eyes on the Creator of the Steinway piano
    Independent.t. E.
    Piano musical instruments, piano the legendary Creator is controlled by American hedge Fund billionaire John Paulson, has aroused the interest of the absorption of the Poly group in China, people familiar with the matter said.
    https://www.independent.ie/business/world/chinese-firm-eyes-move-for-steinway-piano-maker-37193740.html
    https://www.independent.ie/migration_catalog/article37194517.ece/b5df1/AUTOCROP/h342/N0240541344040021574A_1

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Piano musical instruments, piano the legendary Creator is controlled by American hedge Fund billionaire John Paulson, has aroused the interest of the absorption of the Poly group in China, people familiar with the matter said.

State the conglomerate is holding preliminary talks about buying a Steinway, according to one of the people, who asked not to be named because the discussions are private. Company whose legendary pianos have been used by virtuosos such as lang lang, can bring about $1 billion (€862m height) in a sale, the people said.

Poly Group performs a comprehensive check of work for steinway, and seeking funding and approval of government on offer, the people said. The Creator of the piano also attracted other potential buyers, such as private equity firms, the people said.

Steinway should be able to get high marks, given that the company can reach 30pcs 40 PCs annual sales growth in China, according to Shaun rein, founder and managing Director of Chinese research group of the market.

Chinese companies such as Poly Group could contribute to the improvement of the distribution network Steinway in the country, which has been weak so far, he said.

“Steinway has a huge potential in China, as consumers love the brand,” Mr. Rhine said. “As the Chinese middle-class families become wealthier, they will be willing to spend on a luxurious piano for their children as they see music as a key part of their education. And nobody beats Steinway.”

Poly Group began in 1992 as a supplier of military equipment to the Chinese army. The conglomerate now has operations covering the production of explosives, real estate, mining, film and art.

Conglomerate Hong Kong-listed unit of Poly culture Group owns the largest home-grown auction house in China. He also runs a chain of theatres, which were musicals such as “” and performance cats loves the London Symphony orchestra.

Paulson’s new York-based investment firm paulson & Co, agreed to buy piano in 2013, about 512MB$, beating rival bidders including South Korea Samick musical instruments.

The Creator of the piano, which gave the company its name was founded in 1853 by German immigrant Henry Engelhard Steinway in a loft in Manhattan. (Bloomberg)

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