Baosteel to spend 3 bln yuan to buy shares of Bayi Steel

时间：2007-01-15 00:38:57

（单词翻译:单击）

Chinanews, Urumqi, Jan. 13 – Xinjiang Bayi Iron and Steel Co., Ltd. will sign an agreement with Shanghai Baosteel Group for assets restructuring. On January 16, Baosteel will invest 3 billion yuan to buy the shares of Xingjiang Bayi Iron and Steel Co., making it become a subsidiary of the Baosteel Group.

 

Based on this agreement, Xinjiang local government will still own 15% of the shares of Bayi Iron and Steel Co. after restructuring. As the main shareholder1 of Bayi Iron and Steel Co., Baosteel Group will make a structured reform to Bayi, stripping its main industrial sectors3 from subsidiary ones. After restructuring, the assets owned by Bayi will increase substantially. This will be the first acquisition deal that Baosteel has mede in China.

 

The two companies started to establish a business relationship on March 11, 2006, when Bayi signed an agreement to become a strategic partner of Baosteel. After that, Baosteel conducted a thorough investigation4 on Bayi. In last October, the two companies made a draft plan for new development. According to this plan, Bayi’s steel production will reach 4 million tons in 2007 and 6 million tons by 2008.

 

Bayi is the largest iron and steel company in Xinjiang Uygur Autonomous5 Region. The steel plates for building produced by Bayi have occupied over 75% of market shares in Xinjiang. The acquisition case enables Baosteel to make use of Bayi’s geographical6 location between Asia and Europe to exploit the potential steel consumption market in the central Asian region, thus expanding Baosteel’s business scope.

 

Analysts7 say that this is one of the big acquisition cases made in Chinese steel industry, indicating that the process of industrial restruturing is accelerating in the steel sector2.

 
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1 shareholder VzPwU     
n.股东，股票持有人
参考例句：
  • The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
  • A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。
2 sector yjczYn     
n.部门，部分；防御地段，防区；扇形
参考例句：
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
3 sectors 218ffb34fa5fb6bc1691e90cd45ad627     
n.部门( sector的名词复数 )；领域；防御地区；扇形
参考例句：
  • Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
  • Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》
4 investigation MRKzq     
n.调查，调查研究
参考例句：
  • In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
  • He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。
5 autonomous DPyyv     
adj.自治的；独立的
参考例句：
  • They proudly declared themselves part of a new autonomous province.他们自豪地宣布成为新自治省的一部分。
  • This is a matter that comes within the jurisdiction of the autonomous region.这件事是属于自治区权限以内的事务。
6 geographical Cgjxb     
adj.地理的；地区(性)的
参考例句：
  • The current survey will have a wider geographical spread.当前的调查将在更广泛的地域范围內进行。
  • These birds have a wide geographical distribution.这些鸟的地理分布很广。
7 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

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