Stressless owner Ekornes will delist from the Oslo Stock Exchange after Qumei, its Chinese suitor, nears the completion of the takeover of the Norwegian furniture giant.

Qumei Home Furnishings Group announced it was to acquire Ekornes late May, and has now secured agreements with stockholders carrying more than 98 percent of the company's shares.

Qumei intends to initiate a compulsory acquisition of the remaining outstanding shares in the recliner company ahead of delisting the business from the Oslo market.

The takeover deal — worth approaching £500 million — is due to complete no later than August 29. Qumei Home Furnishing Group is a vertically-integrated Chinese designer, maker and retailer of furniture.