Zhejiang Supor Cookware Co, China's leading producer of kitchen appliances, said yesterday a planned takeover by SEB SA of France will not result in a foreign monopoly as the market is fully competitive.

The company plans to sell a 61 per cent stake to SEB, while its competitors ASD Group and five other cookware makers published a joint statement asking the government not to approve the takeover, which they say will create an industry monopoly with a serious negative impact on consumers.

(For more biz stories, please visit Industry Updates)