MoF approves Mittal's purchase of Hunan Valin stake

Wednesday, 21 September 2005 13:54:00 (GMT+3)   |  

MoF approves Mittal’s purchase of Hunan Valin stake

China's Ministry of Commerce granted final approval for Mittal Steel's purchase of a 36.67 percent stake in Hunan Valin Steel Tube & Wire Company. Now that all necessary permission has been obtained, Mittal Steel will become Hunan Valin's second-largest shareholder. Mittal will reportedly pay RMB 2.56 billion ($316 million) for 647 million non-tradable shares.

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