Greater China

Zhejiang Energy exercises tender offer for Ningbo Marine

Shanghai: After almost a year’s delay, Zhejiang Energy’s tender offer for Ningbo Marine has finally implemented. The deadline for the acquisition is 6 April 2013, and Zhejiang Energy will acquire a 51% stake in Ningbo Marine and become the majority stockholder of the company. The estimated purchase value is RMB2.03bn.

Upon completion of the acquisition, Zhejiang Energy will further integrate current resources of Ningbo Marine and develop its current business, and added that it has no big plans in the coming 12 months to adjust the main business of the newly acquired firm. [11/03/13]

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