Lafarge-Shui On secures 80% of Shuangma Cement
The $410 million transaction is the first example of a foreign investor increasing its stake in an A-share company via a restructuring.
The board of Sichuan Shuangma Cement has approved the acquisition of a 50% equity stake in Dujiangyan Cement. Shuangma will pay for the stake through the issuance of Rmb2.8 billion $410 million worth of new shares to Lafarge China Offshore Holding Company, which is the controlling shareholder of both the seller and the buyer.
The deal will be subject to approval of Shuangma's shareholders at an interim shareholders' meeting to be held later this month, as well as approval from...
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