Chinese company buys stake in Spanish club Espanyol

Espanyol's Pizzi reacts after failed a goal against Barcelona during their La Liga soccer match at Cornella El Prat stadium, in Barcelona, March 29, 2014. [Photo/Agencies]

Rastar Group's Hong Kong unit acquired a stake of as much as 56 percent in Spanish soccer club Espanyol, Reuters reported on Monday, citing the China toymaker.

Rastar said it will pay 78 euros a share in cash for a stake between 45.1 and 56 percent in the La Liga club, which lies 10th in the La Liga standings at present.

Raster, based in Guangdong province, makes model cars and deals in related raw materials, with a stock market value estimated at around $3 billion. The company will also increase its stake by as much as 45 million euros on top of the initial price, Reuters said, citing a Chinese filing on the Shenyen Stock Exchange.

Raster will take over a club which is currently in the middle of the BBVA Primera Liga table with 13 points from 10 games, and the move shows the increased interest Chinese companies are taking in Spanish football with Rayo Vallecano and Real Sociedad both sponsored by the Chinese company Q-Bao and Wang Jianlin, the president of the Wanda Group, owning 20 percent of 2014 league champions, Atletico Madrid.

To contact the reporter: chris@mail.chinadailyuk.com