Singapore/US: Sotheby’s Holder Shanda gets antitrust approval

Sotheby’s shareholder Shanda is poised to increase its stake in the struggling auction house.

Tianqiao Chen, founder and chairman of the Singapore-based Shanda investment group, and Chrissy Qian Qian Luo, the co-founder, received US antitrust approval to complete a transaction with Sotheby’s, according to a May 17 notice from the Federal Trade Commission. The nature of the deal wasn’t disclosed. Shanda held a 2 percent stake in the company as of March 31.

Sotheby’s has lost more than one-third of its value in the past year and key executives departed as Chief Executive Officer Tad Smith has attempted a turnaround. The New York-based company said on May 9 that an investor may increase its stake to as much as 10 percent, fueling speculation that Sotheby’s could be acquired or taken private. The company declined to name the investor.

Companies must get approval from antitrust agencies for deals valued at more than $76.3 million. Shanda’s stake was valued at $31 million at the end of March.

Shanda reported its initial acquisition of 594,544 Sotheby’s shares at the end of December. Shanda Group’s main lines of investments are in private equity, public markets and real estate, according to its website.

Full Content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.