China steel merger a ‘rip-off’

The mega-merger of two Chinese steelmakers has a lot of benefits for the country. But it is a terrible deal for shareholders.

The long-awaited merger of Baoshan Steel (Baosteel) and Wuhan Iron and Steel is almost at the finish line. Baosteel announced the details of its acquisition this week, offering 0.56 shares of Baosteel for each unit of Wuhan Steel stock.

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