Eramet: changes in stakes in China.
(CercleFinance.com) - Eramet said this morning that in accordance with the announcement of 12 May, its subsidiary Erasteel has made a number of changes in shareholdings, as planned in China.
First of all, Erasteel has increased its stake from 49% to 100% of the capital of HeYe-Erasteel Innovative Materials (HEIML), a Chinese company based in Tianjin, specialising in the wiredrawing and drawing of high-speed steel. This is by buying out the 51% stake held by HeYe Special Steel Co., a subsidiary of AT&M (Advanced Technology & Materials Co. Ltd.)." The deal amounts to 59.5 million yuan, or about eight million euros.
In addition, Erasteel has sold its 10.3% stake in another Chinese company, HeYe Special Steel, to AT&M, for 109.5 million yuan, or about 14 million euros.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
First of all, Erasteel has increased its stake from 49% to 100% of the capital of HeYe-Erasteel Innovative Materials (HEIML), a Chinese company based in Tianjin, specialising in the wiredrawing and drawing of high-speed steel. This is by buying out the 51% stake held by HeYe Special Steel Co., a subsidiary of AT&M (Advanced Technology & Materials Co. Ltd.)." The deal amounts to 59.5 million yuan, or about eight million euros.
In addition, Erasteel has sold its 10.3% stake in another Chinese company, HeYe Special Steel, to AT&M, for 109.5 million yuan, or about 14 million euros.
Copyright (c) 2017 CercleFinance.com. All rights reserved.