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          BIZCHINA> Top Biz News

          


          

          
          		

          

          


          

          


          

          



          

          


 

          


          


 

          


          

          


 

          



          Baosteel gets 800m yuan loan for Ningbo Steel
          


          By Hu Yuanyuan (chinadaily.com.cn)
          
 Updated: 2009-03-04 16:44
          



 

          

          China Construction Bank (CCB) has agreed to offer an 800 million yuan ($116.96 million) 3-year M&A loan to Baosteel Group Corporation, Xinhua News Agency reported on Wednesday.
          


          Baosteel will use the loan from CCB to take over Ningbo Iron & Steel Co Ltd, which is the country's first M&A deal fueled by bank loans after the State Council, China's Cabinet, approved the steel rejuvenation plan.
          


          Bank of Communications has also provided a 750 million yuan M&A loan to Baosteel to help it buy into the Ningbo company.
          


          Baosteel will eventually hold a 56.15 percent stake in the company.
          


          

          (For more biz stories, please visit Industries)
          

          

          


 



 



          


          


 

          

          

          


          

          


 

          


          


 

          


          


 

          


          


          


 

          

          

          
          		

          

          








           
          


           
          



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