CSR says euro crisis deters Europe deals

Updated: 2012-06-12 11:56


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CSR Corp, China's biggest trainmaker by market value, is unlikely to act on proposed acquisitions in Europe this year because of concerns about the region's economy and the future of its single currency, Bloomberg reported Monday.

"The debt crisis in Europe is still developing and I think there is a risk of the economy getting worse," Bloomberg reported, citing Chairman Zhao Xiaogang. Zhao said he wanted to stay calm and watch for a while.

Beijing–based CSR said in April that it was in talks on possible deals in Spain, Italy, Germany, the UK and France, according to Bloomberg.

The euro has weakened 16 percent against the yuan in the 12 months through June 8.

CSR will focus its export push on Southeast, Central and Western Asia, possibly including the formation of overseas ventures, according to Zhao.