Sometimes a higher price also covers the cost of marketing a famous brand, or a manufacturer's decision to buy a part from another company (and mark up the price) instead of making it themselves. Its dramatic reduction in impaired loans, and the improvement in its income and capital structure since its bailout, is yet to be fully reflected in its bond prices, he says. We are currently working through the final regulatory approval in China and we expect the deal to close by the end of May.
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