BEIJING, Dec. 10 (InfoChina) – Chalco (ACH.NYSE; 601600.SH; 2600.HK) has got the nod from China Securities Regulatory Commission (CSRC) to buy out Baotou Aluminum (600472.SH), the company announced Monday.
Buoyed by the news, Chalco and Baotou Aluminum opened high on Shanghai bourse though the market is in severe turbulence.
According to the buyout scheme, Chalco will place new A shares in exchange for the shares of Baotou Aluminum at each Baotou Aluminum share for 1.48 Chalco’s new shares. Chalco will acquire 237.3093 million shares of Baotou Aluminum, accounting for 55.06 percent of the latter’s capitalization.
Upon completion, newly issued shares will be traded on the Shanghai Stock Exchange and all the assets, debts and equities of Baotou Aluminum will be inherited by Chalco. (Edited by Li Xueqing,
)
China Stock News 
