Russia's Evraz pays $1.5 billion for foothold in China
In its first foray into Asia, the Russian steel company acquires a controlling stake in Delong Holdings.
Russian steel producer Evraz Group will acquire 51% of China's Delong Holdings for S$1.08 billion $765 million, triggering an offer to the residual minority shareholders. Assuming that all shareholders tender their shares and all outstanding warrants are exercised, EvrazÆs total outlay on the deal will be $1.49 billion.
Evraz has valued 100% of Delong at S$2.12 billion on an equity value basis. The Beijing-headquartered firm operates an integrated steel mill in China that manufactures steel billets and coils, both...
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