CITIC: Jiangsu Special Steel to acquire 55.2482% equity of Nangang Group for 13.6 billion yuan
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CITIC announced that Jiangsu Special Steel will acquire 55.2482% equity of Nangang Group for 13.6 billion yuan. After the acquisition, Jiangsu Special Steel will hold 55.2482% equity of Nangang Group, and through Nangang Group's wholly-owned subsidiaries Nanjing Ganglian and Nangang Jointly, they will collectively hold 59.10% of Nangang's shares. At the same time, the acquirer Xinye Steel directly holds 3.66% of Nangang's shares. This acquisition is a equity structure adjustment by CITIC Group to indirectly control the controlling shareholder of the listed company, achieving win-win development
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