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Neway Valve called off its planned EUR 11.3 million takeover of Germany's Econosto International Holding due to Covid-19 market changes, and will pay EUR 500,000 in compensation.
China's Neway Valve plans to acquire Dortmund-based flow control products maker Econosto International Holding for EUR 11.3 million (USD 12.5 million) to expand its international market share. Neway's board approved the plan, and the company said on Dec. 6 it will move on to an equity transfer deal.
