21
Jan
06:38
CITIC promotes acquisition of Tianjin Pipe
China’s CITIC Special Steel has approved its wholly-owned subsidiary’s proposal to buy a 40% stake in Shanghai Electric Steel Pipe Company. The payment will be completed within five days of signing the contract, Kallanish notes from a stock exchange filing.
The purchase price was negotiated at CNY 400 million ($61.92m), the floor price of the target equity. CITIC said earlier it planned to provide capital support of no more than CNY 1.6 billion to…
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Anonymous
Very good overview of the weekly steel market.
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