A unit of one of the world's largest footwear manufacturers, Yue Yuen Industrial (Holdings) Ltd, has purchased a 39.74% stake in footwear manufacturer and trader Symphony Holdings Ltd. and has made a cash offer to shareholders in a bid to take control of the company.

The acquisition was made through Yue Yuen’s 50% indirect wholly-owned subsidiary Well Success Investment Ltd, paying a premium of 16.7% over the share market price as it stood on the Hong Kong stock exchange on February 8, 2002.