Following China's purchase of 50% of shares in Ukrainian engine maker Motor Sich, the Asian country has boasted it laid hands on the firm snatching the deal away from the US and Russia.
Ukrainian state-owned defense conglomerate UkrOboronProm has now confirmed the sale of more than 50% of Motor Sich’s shares to the Chinese. The deal will reportedly involve a package of shares worth around $250 million, the amount that China will “invest” in the factory over the next two years.
"The deal has been authorized by the Ukrainian Anti-Monopoly Committee," said UkrOboronProm director Aivaras Abromavicius.
However, on Monday, Kyiv Post reported citing officialsthatthe "takeover attempt at the Ukrainian aerospace firm Motor Sich by state-owned Chinese company is still under review until February."
Two Chinese firms- Tianjiao Aviation Industry Investment Co (Skyrizon Aircraft) and Xinwei Group, will acquire a controlling package of shares in Motor Sich, reports UAWire.
Russia and the US, both have previously laid claim to the Ukrainian company that China has walked away with.
"China is now happy to point out that the deal has gone through. We have managed to snap up from the US and Russia a real pearl of Ukraine’s aircraft engine building," Chinese media reported.
Beijing is currently developing an engine for the U-20 transport airplane, a plane which made its first flight in 2013. Creating a new engine for Chinese helicopters is also in the cards.