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Article: Biz Scene: Big deal
- Article from:
- China Daily
- Article date:
- January 20, 2007
CopyrightCopyright 2007 China Daily. Provided by ProQuest LLC. (Hide copyright information)
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Baosteel acquisition
Shanghai Baosteel Group Corp, the country's largest steelmaker,
has purchased smaller rival Bayi in Northwest China, its first
domestic acquisition.
Under the deal, Baosteel will pay 3 billion yuan for 69.61 percent
of Bayi Iron and Steel Group, the biggest steelmaker in Northwest
China's Xinjiang Uygur Autonomous Region, with the remaining stake
going to Xinjiang's local government.
The long-anticipated deal is expected to beef up Baosteel's
presence in Northwest China as Bayi commands about 70 percent of the
market share in Xinjiang, the company says.
Baidu deal with EMI Music
China's top search engine Baidu.com Inc clinched a deal with EMI
Music last week in an ...