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Share transfer binds SOEs to collaborate strategically
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CHINA’S second largest steel maker Baosteel plans to transfer 800 million shares to China National Petroleum Corp as part of a “strategic collaboration” between the two state-owned enterprises.
The share transfer will result in CNPC, the nation’s largest oil and gas producer, holding 4.86 percent of Baoshan Iron & Steel Co, reducing Baosteel’s stake to 74.88 percent in its listed entity, Baosteel said late Monday.
This followed CNPC’s transfer of 624 million shares, worth 4.5 billion yuan (US$678 million), last Thursday to Baosteel.
Baosteel’s share transfer is estimated to be valued at 3.9 billion yuan before the company was suspended from trading after it acquired Wuhan Iron and Steel Corp in June.
The share swap will help the two groups to “enhance strategic collaboration” and “optimize their own capital structures,” they said.
Ren Linbo, director of the China Center for Energy Economics Research at Xiamen University, said the share swap helps diversify businesses of the two groups for a synergetic cooperation in oil drilling, and lower risks.
Baosteel is CNPC’s pipeline provider and in 2012 it invested 8 billion yuan for a 12.8 percent stake in the latter’s pipeline project in west China.
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