BEIJING (Dow Jones)--China's State Administration of Foreign Exchange said Thursday it hasn't yet received an application from Tianjin Xinmao S&T Investment Corp. to obtain the foreign exchange needed for its takeover offer for Dutch cable maker Draka Holding NV.
Xinmao should only submit its application after the Netherlands approves the deal, an official from SAFE's news office told Dow Jones Newswires.
Xinmao last week reiterated its intention to launch a EUR1 billion takeover offer for Draka, but cautioned it might not be able to receive all necessary regulatory approvals from the Chinese government in time to compete with a rival offer from Italian cable maker Prysmian SpA for the Dutch firm.
