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Announced

CITIC to acquire a 55% stake in Nanjing Iron & Steel Group for $2bn.

Financials

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Transaction Value£1,622m
Consideration TypeCash
Capital Owned-
Capital Bid For55%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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China

Domestic

Private

Iron and Steel

Friendly

Pending

Majority

steel manufacturing

Private Equity

Single Bidder

Acquisition

iron and steel

Synopsis

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CITIC, a state-owned investment company of the People's Republic of China, agreed to acquire a 55% stake in Nanjing Iron & Steel Group, a Chinese iron and steel conglomerate company, for $2bn. The acquisition represents the further consolidation of China's domestic steel mills.

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