The merger of China Baowu Steel Group and Xinyu Iron & Steel has passed an anti-monopoly review by China’s State Administration for Market RegulationEarlier this year, Jiangxi provincial government’s State-owned Assets Supervision and Administration Commission transferred a 51% stake in Xinyu Iron to Baowu for free as part of its merger of companies in similar industries. Upon completion of the merger, Baowu will indirectly control 44.8% of Xinyu, while the latter’s actual controller will be the Jiangxi province branch of SASAC, according to an earlier filing.Xinsteel Group is located in Xinyu city in Jiangxi Province and has an annual crude steel capacity of 10 million tonnes.
The merger of China Baowu Steel Group and Xinyu Iron & Steel has passed an anti-monopoly review by China’s State Administration for Market RegulationEarlier this year, Jiangxi provincial government’s State-owned Assets Supervision and Administration Commission transferred a 51% stake in Xinyu Iron to Baowu for free as part of its merger of companies in similar industries. Upon completion of the merger, Baowu will indirectly control 44.8% of Xinyu, while the latter’s actual controller will be the Jiangxi province branch of SASAC, according to an earlier filing.Xinsteel Group is located in Xinyu city in Jiangxi Province and has an annual crude steel capacity of 10 million tonnes.
