Others News
- Shanghai Power merger plan approved
Date: 12-Nov-2007 Sources: (Shenzhen Daily)
SHANGHAI Electric Group Co., China's largest power-equipment maker by output, said Friday that shareholders of its 83.75 percent-owned Shanghai Power Transmission & Distribution Co. approved its merger offer.
The deal still requires the approval of regulators and Shanghai Electric's own shareholders to become final. Shanghai Electric's shareholders will vote on the plan Nov. 16. Hong Kong-listed Shanghai Electric said in a statement that shareholders of Shanghai-listed Shanghai Power approved its merger offer Thursday. Late August, Shanghai Electric said it planned to issue 616.0 million new A shares to Shanghai Power's shareholders to acquire the stake in its unit it didn't own. Shanghai Power's shareholders will receive 7.32 Shanghai Electric A shares for every Shanghai Power share held. Shanghai Electric will be listed from the Shanghai Stock Exchange on completion of the deal.
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