BIZCHINA / Biz Media Digest |
Machinery: Dongfang Electrical to buy units at 15b yuan(Shanghai Daily)Updated: 2007-05-17 14:04 Machinery: Dongfang Electrical Machinery Co, China's third-biggest maker of power-generation equipment, said it will buy two units from its parent for 15 billion yuan (US$1.95 billion) in cash and stock. The Sichuan-based company will buy 100 percent of Dongfang Boiler Group and Dongfang Turbine Co, the company said in a statement today. Dongfang Electrical will issue 367 million new Shanghai-traded yuan shares to its parent at 24.17 yuan each, the statement said. The parent's stake will rise to 69.9 percent from 45.3 percent, according to the statement. Dongfang Electrical is also listed in Hong Kong. (For more biz stories, please visit Industry Updates) |
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