Stocks News
- Regulator reviews Chalco bid for Baotou
Date: 10-Dec-2007 Sources: (Shenzhen Daily)
TRADING in shares of Aluminum Corp. of China Ltd. (Chalco) and Baotou Aluminium Co. was suspended from trading on the Shanghai Stock Exchange on Friday as the securities regulator's restructuring division reviewed Chalco's plan to take over affiliate Baotou on Friday.
Chalco said in July it planned to absorb Baotou Aluminum through a share swap worth up to US$1.7 billion. Under the share-swap proposal, Chalco will issue 1.48 yuan-denominated A shares for each of Baotou Aluminum's 431 million Shanghai-listed shares. Chalco's parent, Aluminum Corp. of China, or Chinalco, indirectly holds 55.06 percent of Baotou Aluminium.
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