China Baowu Steel to acquire 51% stake in Magang
2019-06-03 18:29:34 [Print]
On May 31, China Baowu Steel Group signed a deal to acquire 51% stake in Magang Group Holding Co., Ltd. which is currently 100% owned by Anhui Provincial State-owned Assets Supervision and Administration Commission, according to a statement made by Maanshan Iron & Steel Co., Ltd. ("the company") on June 2. After the transaction, Baowu will also indirectly hold 45.54% of the shares of Maanshan Iron & Steel, making it the company's controlling shareholder, and the company's actual controller will become State-owned Assets Supervision and Administration Commission, with Magang Group remaining as the direct shareholder.
