30 DECEMBER 2013Shanghai Metal Market
Jiaozuo Wanfang to buy 20% interest in China Rare Metals at a 25.2% premium
Edited by : AL CIRCLE
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Jiaozuo Wanfang Aluminium Manufacturing Co. plans to pay 389.3 million yuan ($63.6 million) to buy a 20% interest in China Rare Metals and Rare Earth Co., part of Aluminum Corporation of China (CHINALCO).
Jiaozuo Wanfang, which itself is a subsidiary of Aluminum Corporation of China Ltd. (Chalco), would make the payment to Chinalco’s rare earth and metals unit from self-raised fund, it told Shenzhen Stock Exchange over the weekend.
The payment represents a 25.2% premium over assessed value of the equity stake as Jiaozuo Wanfang believes the unit’s rare earth, tungsten and tin businesses have great potential, it said in a statement.
Jiaozuo Wanfang, which itself is a subsidiary of Aluminum Corporation of China Ltd. (Chalco), would make the payment to Chinalco’s rare earth and metals unit from self-raised fund, it told Shenzhen Stock Exchange over the weekend.
The payment represents a 25.2% premium over assessed value of the equity stake as Jiaozuo Wanfang believes the unit’s rare earth, tungsten and tin businesses have great potential, it said in a statement.
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