HONG KONG, March 6 Yingde Gases Group Co Ltd
said on Monday Chief Executive He Yuanping has
resigned and will remain a director of the company until the
completion of a strategic review that may result in the sale of
one of China's largest industrial gases firms.
He stepped down "due to his personal work commitments,"
Yingde said in a securities filing without providing further
details. The company, which had revealed He's plans to resign in
a Feb. 21 filing, said its board will look for a new CEO and
make an announcement in due course.
The company has been involved in a takeover battle in recent
months rarely seen in Hong Kong, with the latest twist taking
place last week when Hong Kong-based private equity firm PAG
agreed to buy the combined 42.1 percent stake of co-founders
Zhao Xiangti, Sun Zhongguo and Trevor Strutt for $616 million.
Sun and Strutt, previously the Chairman/CEO and chief
operating officer of Yingde, respectively, were relieved from
their posts during a November board meeting that named Zhao
chairman of the company and have since been in a legal fight to
U.S. industrial gas maker Air Products in late
December made a takeover approach of as much as $1.5 billion in
cash for Yingde.
(Reporting by Elzio Barreto)