Chinese firm eyes move for Steinway piano maker

Legendary: Steinway

Carol Zhong

Steinway Musical Instruments, the legendary piano maker controlled by US hedge fund billionaire John Paulson, has attracted takeover interest from China's Poly Group, people familiar with the matter said.

The state-owned conglomerate is holding preliminary talks about a purchase of Steinway, according to one of the people, who asked not to be identified because the deliberations are private. The company, whose iconic pianos have been used by virtuosos such as Lang Lang, could fetch about $1bn (€862m) in a sale, the people said.