08
Dec
10:34
Baowu purchases shares in Shangang Rizhao
Listed company Baosteel announced on 8 December that Baowu Group will purchase shares of Shandong Iron & Steel Group's subsidiary, Shangang Rizhao, to support its cooperation with Shangang. The current plan for Baowu to acquire Shangang can be traced back to 2021.
Kallanish notes that Baowu plans to invest CNY 10.7 billion ($1.49 billion) to acquire 48.6139% of Shangang Rizhao. Shangang would remain the actual controller of Shanggang Rizhao after the …
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