What’s new: Jiangsu Shagang
Group signed a formal agreement to buy 60% of Nanjing
Nangang Iron & Steel United Co. Ltd. for 13.58 billion yuan ($1.97
billion) from Fosun International
Ltd., the companies said Tuesday.
The price is
almost 3 billion yuan lower than agreed in October. Whether the deal will go
through is still up in the air as Nangang’s other parent company, Nanjing Steel
Group, may favor another buyer. Other bidders — including state-owned Citic
Pacific Special Steel Group Co. Ltd. and Jiangxi Fangda Steel Group Co. Ltd. —
may mount rival offers.