China’s Panzhihua completes merger of listed arms

SHANGHAI, May 5 (Reuters) – Panzhihua Iron & Steel (Group) Co, one of the largest steelmakers in western China, has completed the merger of its listed arms into PZH Steel 000629.SZ, PZH Steel said on Tuesday.

PZH Steel will resume trading on Wednesday, it said in an exchange filing, after having absorbed the assets of Chongqing Titanium 000515.SZ and Sichuan Changcheng Special Steel 000569.SZ in share swap deal with $7.19 billion ($1.1 billion).

Chongqing Titanium and Changcheng have both been delisted, it said.

Panzhihua Iron & Steel Group was China’s 13th-largest steel maker by output, churning out 7.5 million tonnes of crude steel in 2008. For a factbox of China’s top steel producers, click [ID:nSHA172574].

Beijing has been pushing China’s steel industry, the world’s largest, to create globally competitive giants through mergers and acquisitions. ($1=6.820 Yuan) (Reporting by Rujun Shen and Edmund Klamann; Editing by Nick Macfie)

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