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

Synopsis

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.

Principals

target

Nanjing Iron & Steel Group

bidder

Citic

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Market Context

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Seller Team (1)

yixin huang

Chairman and CEO at NANJING IRON & STEEL GROUP

Manager

target

Deal

£ 1.62 B

Total Value

Bidder Team (2)

edmund chan

Managing Director, Head of M&A at CITIC Securities

Financial Advisor

bidder

Deal

£ 1.62 B

Total Value

zhu hexin

Chairman at CITIC LTD

Investor

bidder

Deal

£ 1.62 B

Total Value

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