Nanjing Iron and Steel Group plans to absorb and merge controlling shareholder Nanjing Iron and Steel United
According to 36Kr, Nanjing Iron and Steel Co., Ltd. announced that its controlling shareholder Nanjing Iron and Steel United plans to be absorbed by Nanjing Steel Group, with Nanjing Steel Group set to acquire 57.13% of Nanjing Iron and Steel United’s shares and 100% equity of Nanjing Steel United. After the deal, the direct controlling shareholder will shift from Nanjing Iron and Steel United to Nanjing Steel Group, while the actual controller CITIC Group remains unchanged; the move is described as an optimization of the equity structure and a reduction in corporate levels, with no significant impact on daily operations.
Key facts
- 01Nanjing Iron and Steel Group will absorb Nanjing Iron and Steel United and acquire 57.13% of its shares.
- 02Nanjing Steel Group will acquire 100% equity of Nanjing Steel United.
- 03The direct controlling shareholder will change from Nanjing Iron and Steel United to Nanjing Steel Group after completion.
- 04CITIC Group remains the actual controller after the deal.
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