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Hebei Iron & Steel Group to Integrate 3 Listed Arms

Posted on: Wed, 27 May 2009 08:19:00 EDT

Symbols: HDISF

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TANGSHAN, May 27, 2009 (SinoCast Daily Business Beat via COMTEX) --
HDISF | Quote | Chart | News | PowerRating -- Tangshan Iron and Steel Co., Ltd. (SZSE: 000709) intends to acquire Handan Iron and Steel Co., Ltd. and Chengde Xinxin Vanadium and Titanium Co., Ltd. via share swap. All of them are under the aegis of the Hebei Iron and Steel Group.

The three sides set swap prices at CNY 5.29 per share of Tangshan Iron & Steel, CNY 4.1per share of Handan Iron & Steel (SHSE: 600001) and CNY 5.76 per share of Chengde Xinxin (SHSE: 600357). The exchange ratios of Handan and Chengde to Tangshan are 1:0.775 and 1:1.089, respectively.

Hebei Iron & Steel Group explains that the deal will further concentrate the iron and steel business of listed companies inside it and promote the synergistic effect.

The shareholders of the three listed companies that do not agree with this share swap could accept option provided by Hebei Iron and Steel Group and its associated companies to sell their shares for cash. The option prices are equal to the swap prices. Moreover, the holders of the convertible bonds issued by Tangshan Iron and Steel could ask to be paid off ahead or get repayment guarantee provided by Hebei Iron and Steel Group.

Source: www.shihua.com.cn (May 27, 2009)

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