BEIJING, June 2 (Reuters) - Chinese steel producer
Anyang Iron & Steel Group has scrapped a plan to sell an 80% stake through
a public listing, its listed arm said in a statement late on Wednesday.
Liaoning Fangda Group in March offered to acquire a stake in the
central-China based steelmaker for at least 11 billion yuan ($1.64 billion) and
had submitted an application for the purchase and a deposit to the Henan
Zhongyuan Property Rights Exchange.
However, the two parties failed to reach agreement on terms of
the mixed-ownership reform in the stipulated time, Anyang Group's listed arm,
Anyang Iron and Steel Co Ltd 600569.SS, said in a filing to the Shanghai Stock Exchange.
The company's owner, the state-assets regulator in Henan
province, had approved the scrapping of the public transfer, according to the
filing, adding that the authority would decide whether the company would
continue with the restructuring plan.
($1 = 6.6973 Chinese yuan)
(Reporting by Min Zhang and Dominique Patton; Editing by Robert
Birsel)
((min.zhang@thomsonreuters.com; (8610) 5669-2105;))
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