Vietnam's consumer giant Masan beat out South Korean conglomerate CJ to acquire a stake of 14 percent in the state-controlled meat processor Vissan at an auction on Thursday, local media reported.
Masan's animal feed subsidiary Anco bought 11.3 million shares of Vissan for more than VND1.43 trillion (US$63.1 million), or VND126,000 per share, compared to CJ Vina's bidding price of VND120,600 per share.
Both the offers were much higher than the starting price of VND80,053 per share set by Vissan.
Despite failing to become the strategic partner of one of Vietnam's leading meat processors, CJ Vina already acquired a stake of 4.18 percent in the company in its initial public offering early this month.
Vissan raised nearly VND907 billion ($40.1 million) from selling 14 percent stake in the IPO. A total of 142 foreign and local investors reportedly sought to buy 63.59 million shares at the IPO, nearly six times more than the shares on offer.
The company is slated to sell another stake of 7 percent to its employees. The state ownership, managed by Ho Chi Minh City-based trading company Satra, will be cut to 65 percent.
Vissan now owns 985 outlets around the country, mostly in supermarkets and convenience stores.
In 2014, the company saw a year-on-year increase of 4.3 percent in its net revenue to more than VND4.88 trillion ($215.84 million), according to its latest figures. It posted a revenue of VND3.34 trillion ($147.72 million) in January-September last year.