Metal Products News
- Baotou Steel to buy assets from parent
Date: 10-Aug-2007 Sources: (Shenzhen Daily)
INNER Mongolia Baotou Steel Union Co. said Thursday it would issue 3.032 billion new A shares to buy steel manufacturing assets from its parent in a deal worth 698 million yuan (US$92 million).
All the new shares will be sold to the parent, Baotou Iron and Steel Group, China's 12th-largest steelmaker with annual capacity of 10 million tons, the Shanghai-listed company said in a statement. The parent will increase its stake in its listed arm to 61.2 percent after the deal, up from 26.51 percent at present.
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