China International Development (HKG:0264) is in talks to acquire a majority stake in CarbonTech Asia Pacific from three vendors with a combined 70% shareholding in the target.
CarbonTech Asia Pacific provides novel clean technology and services to optimize automotive engine performance in Australia, according to a Thursday filing with the Hong Kong bourse.
The potential deal will allow Flex Fuel Eco, a 51% hydrogen cleaning joint venture of China International, to tap into the Australian market.
The parties are seeking to reach a formal agreement within the six-month exclusivity period of the memorandum of understanding.
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