Considered a done deal by many, Sinochem Corp's takeover of South Korea's Inchon Oil Refinery Co was blocked by creditors claiming the sale price was too low, an Inchon official said. Sinochem won control of the company on paper in September for 635.1bn won (US$602m), which was slightly lower than its original offer. Korea's second […]
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With car prices down and steel prices up, Nissan Motor announced a cost-cutting plan to build a US$362m engine plant in Guangzhou with partner Dongfeng Motor Corp, aiming to start production at the 360,000-engine capacity plant in early 2006, according to Reuters. The venture will be run by Dongfeng Motor Co, a 50:50 venture between […]
Beijing Media Corp, the first state-owned newspaper company to list offshore, was heavily oversubscribed, some brokers saying the grey market had already priced the stock as high as HK$23 (US$2.95), a 21% premium to its offer price of HK$18.95. The H-share offer drew nearly 20,000 retail investors seeking a total of 2.014 billion shares — […]
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Citic Pacific enlarges steel stake
Citic Pacific, the Hong Kong-listed investment arm of the central government, increased its stake in Daye Special Steel Co to 58.13%, according to a statement by the steel company. Quoting a Citic statement to the Shenzhen stock exchange, Bloomberg reported that the conglomerate paid a combined RMB 400m, or RMB 2.29 a share, to acquire […]
Toshiba Corp said it would shift all of its Philippine notebook production to its main plant at Hangzhou to cut costs. The move coincides with more aggressive outsourcing of production, reducing the need for in-house capacity. The company expects to outsource over half its notebook production to contractors to trim costs to compete with Dell […]