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China: Baowu Steel to acquire majority stake in rival Magang

By  |  June 2, 2019

China Baowu Steel Group, the world’s second-largest steel producer, will acquire a majority stake in rival Magang Group Holding as China pushes for consolidation in its steel industry.

In a statement posted on the website of the Shanghai Stock Exchange on Sunday, June 2, Magang’s listed entity, Maanshan Iron & Steel, stated the deal signed on May 31 would give Baowu a 51% stake in Magang.

Baowu will also hold 45.54% of the shares of Maanshan Iron & Steel, making it the listed company’s controlling shareholder, according to the statement.

Full Content: Reuters

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