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Wuhan Ir jupes taille haute on and Steel eyes 19.9% stake in Consolida
Wuhan Ir jupes taille haute on and Steel eyes 19.9% stake in Consolidated Thompson
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Wuhan Iron and Steel eyes 19.9% stake in Consolidated ThompsonPublished: 30 Mar 2009 23:21:07 PST
Mar. 31, 2009 (China Knowledge) - Wuhan Iron and Steel (Group) Corp (Wisco), parent of Shanghai-listed Wuhan Iron and Steel Co Ltd<600005>, has signed a letter agreement to buy a 19.9% stake in Canada-based Consolidated Thompson Iron Mines Limited (CLM) for US$240 million, according to a statement released by CLM yesterday.
According to the letter agreement, the US$240 million investment will give Wisco, one of China's largest steel producers, ownership of about 29.75 million common shares of CLM.
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