Announced
Completed
Financials
Sources
Tags
Majority
Private
China
Domestic
Single Bidder
steel manufacturer
Completed
Friendly
Iron and Steel
Acquisition
Merger
Synopsis
Ansteel, a state-owned steel maker, completed the acquisition of a 51% stake of Benxi Steel, a manufacturer and distributor of steel products for $46bn. “After the realignment, we will realise resource integration and coordinated development in R&D (research and development), procurement and sales, making a contribution to the revitalisation of Liaoning and northeast China. The total number of employees in Ansteel after the restructuring is about 200k. We promise not to cut staff,” Tan Chengxu, Ansteel chairman.
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