Midea to buy Little Swan

Home appliance maker Midea Group and its overseas subsidiary Titoni Investments Development Ltd are planning to acquire a 20 percent stake in washing machine producer Wuxi Little Swan Co, Little Swan said in a filing to the Shenzhen Stock Exchange late on Sunday.

Shenzhen-listed Midea plans to buy Little Swan shares at a 15 percent premium.

Midea previously had a stake of 40 percent in Little Swan. Analysts said the move will further enhance Midea's foothold in the white goods sector.