03
Feb
09:14
Wugang and Cosco plan cross-holdings
China’s Wuhan Iron and Steel (Wugang) has said it plans to hand over a 4.95% stake in the company for free to China Ocean Shipping Group (Cosco). Although the move is ‘for free,’ Cosco announced in December that it would hand a 2.45% stake to Wugang for free in December, Kallanish notes.
Wugang’s transfer will involve 500 million shares, giving the shipper around 4.95% of total shares. Wuhan Iron and Steel Group will remain the largest sh…
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Anonymous
Very good overview of the weekly steel market.
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