Deals
Billionaire Paulson Attracts Chinese Suitor for Steinway
- Poly Group conglomerate holds preliminary talks on acquisition
- Iconic piano maker could fetch about $1 billion in sale
Photographer: Daniel Acker/Bloomberg
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Steinway Musical Instruments Inc., the legendary piano maker controlled by U.S. hedge fund billionaire John Paulson, has attracted takeover interest from China Poly Group Corp., people familiar with the matter said.
The state-owned conglomerate is holding preliminary talks about a purchase of Steinway, according to one of the people, who asked not to be identified because the deliberations are private. The company, whose iconic pianos have been used by virtuosos such as Lang Lang, could fetch about $1 billion in a sale, the people said.