China's Chalco Wins Initial Approval to Take over Baotou Aluminium

Xinhua News Feed BEIJING (XFN-ASIA) - Aluminum Corp of China Ltd (Chalco) (SHA 601600; HK 2600) said it won initial approval from the China Securities Regulatory Commission (CSRC) to to take over Baotou Aluminium Co Ltd (SHA 600472).

In a statement filed with the Shanghai Stock Exchange, Chalco said it will release another statement after it receives final approval from CSRC, adding that its shares will resume trading today.

Earlier, the two companies announced that Chalco will issue new A-shares to exchange for shares in Baotou Aluminium.

Chalco will buy Baotou Aluminium for 21.67 yuan per share in cash, or swap 1.48 A-shares for every Baotou Aluminium share.

Baotou Aluminium's shareholders have approved the deal.

susan.wang@xfn.com

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