China State Council Approves Merger of Baosteel, Wuhan Steelmakers, Agency Says
September 22 2016 - 7:10AM
Dow Jones News
By Chuin-Wei Yap
BEIJING--China's State Council, the government's cabinet, has
approved the planned merger of major steelmakers Baosteel Group
Corp. and Wuhan Iron & Steel Group Co., the State-owned Assets
Supervision and Administration Commission said Thursday.
The two companies confirmed the move in separate filings to the
Shanghai Stock Exchange on Thursday, formalizing the tie-up after
months of shareholder notices about the plan.
The combined output of the merged company, based on last year's
production data, would be around 60 million metric tons, making the
merged entity the second-largest producer in the world, after
Luxembourg-based ArcelorMittal SA (MT).
Write to Chuin-Wei Yap at chuin-wei.yap@wsj.com
(END) Dow Jones Newswires
September 22, 2016 06:55 ET (10:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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