China’s Tianrui Cement cancels plan to acquire Yongan Cement

China Tianrui Group Cement is reported to have cancelled its plan to acquire 100% stake in China-based Henan Yongan Cement from Tianrui Group. Tianrui Cement entered into an agreement on 9 September 2015 with Tianrui Group to buy 100% stake in Yongan Cement for CNY 842.02 million (€115.91 million/US$129.42 million). Tianrui Cement reserves the right to make the acquisition again in the future.
March 30, 2016 Read time: 1 min

China Tianrui Group Cement is reported to have cancelled its plan to acquire 100% stake in China-based Henan Yongan Cement from Tianrui Group.

Tianrui Cement entered into an agreement on 9 September 2015 with Tianrui Group to buy 100% stake in Yongan Cement for CNY 842.02 million (€115.91 million/US$129.42 million).

Tianrui Cement reserves the right to make the acquisition again in the future.

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September 10, 2015

Yongan Cement to be 100%-owned by Tianrui Cement

With a total of CNY 842 million (€118.80 million/US$132.46 million), 100% equity interest in Henan Yongan Cement (Yongan Cement) will be sold to China Tianrui Group Cement (Tianrui Cement) by China-based Tianrui Group.

The acquisition will be settled via the issuance of 520 million shares in Tianrui Cement to Tianrui Group.

Once the deal is completed, Tianrui Group's shareholdings in Tianrui Cement will rise to 73.93% from current 68.28%.

The price of a share to be issued is set at CNY 1.95.

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