State-run China Resources (836) Holdings Co.’s plan to combine two units is unlikely to survive a shareholder vote today, after the value of the $7.1 billion offer plunged following an accusation that the parent’s chairman deliberately overpaid for coal mines in 2010.
The target, China Resources Gas Group Ltd. (1193), closed trading Friday in Hong Kong about 17 percent higher than the value of the offer from China Resources Power Holdings Co., indicating investors consider the bid too low. China Resources Power offered 97 of its shares for every 100 shares in the gas unit.
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Aibing Guo & Benjamin Haas, Bloomberg via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/SAxIeeT8gWw/
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