China dealmaker said to have GLP CEO's backing in buyout bid

Singapore, Hong Kong

CHINESE dealmaker Fang Fenglei won backing from Global Logistic Properties Ltd's chief executive officer as he pursues a takeover of the US$9 billion warehouse owner, said people with knowledge of the matter.

His Beijing-based private equity firm, Hopu Investment Management, submitted an offer for the Singapore company together with Hillhouse Capital Management and GLP CEO Ming Mei, according to the people who requested anonymity because the information is private. Blackstone Group LP and an investor group led by Warburg Pincus also made non-binding bids. GLP shares rose 2.7 per cent to S$2.69 at 9.24am on Monday in Singapore, the biggest intraday gain in more than three weeks. The benchmark Straits Times Index rose 0.2 per cent.