24
Apr
07:06
Fosun shuns Shagang in Nangang sale, sparks lawsuit
Shagang, a large private producer of long products in eastern China, is seeking to proceed with the acquisition of 60% of Nanjing Nangang Iron & Steel United Co. (Nangang United) through litigation.
According to a Fosun Group announcement on the Hong Kong Stock Exchange, Shagang required the seller, Fosun's subsidiary, to pledge 11% of Nangang United's equity to Shagang. It also applied for a freeze on this part of the equity on 13 April. Sha…
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