Metal Products News
- Chalco to take over Baotou Aluminium
Date: 13-Aug-2007 Sources: (Shenzhen Daily)
ALUMINUM Corp. of China Ltd. (Chalco) said Friday it has won approval from the State-owned Assets Supervision and Administration Commission (SASAC) to take over Baotou Aluminium Co. Ltd.
Earlier, the two companies jointly announced that Chalco will issue new A shares to exchange for shares in Baotou Aluminium. Chalco said it will not raise funds from public investors to finance the deal. Chalco will buy Baotou Aluminium for 21.67 yuan (US$2.86) per share in cash, or swap 1.48 A shares for every share held in Baotou Aluminium.
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