On 20 March, the local government reports that the equity deal of Hongkong Hanxing Investment Co., Ltd. (Hongkong Hanxing) to acquire Jinzhou Titanium has been approved by the Ministry of Commerce of P. R. C. (MOC) recently, accompanied by a Certificate of Approval for Establishment of Enterprises with Investment of Taiwan, Hongkong, Macao and Overseas Chinese in the People's Republic of China. The value of the acquisition is USD94.9 million, becoming the largest foreign acquisition project in Jinzhou City by now.
After being acquired, Jinzhou Titanium will get a total investment of USD121.8 million and a registered capital of USD40.5 million. And it will continue to operate TiO2 production.
Hongkong Hanxing, a subsidiary of CITIC Group Corporation (CITIC Group) will get all the equity of Jinzhou Titanium that held by CITIC Jinzhou Metal Co., Ltd. (CITIC Jinzhou Metal, also a subsidiary of CITIC Group) through the acquisition.
The acquisition, required to be under review by MOC and other five Chinese ministries, turns out to be time-consuming. Luckily, a lot of effort made by local foreign trade and economic cooperation departments has gone into promoting the approval progress of the acquisition.
Source: TiO2 China Monthly Report 1203
Content of TiO2 China Monthly Report 1203:
China's TiO2 export and import situation in Jan. 2012
Taihai Technology sets up chloride titanium project with the government
Multinationals benefit from higher TiO2 prices in 2011
TiO2 production to start in Sri Lanka
Import situation of cosmetic TiO2 in China in 2011
Jinzhou Titanium to be acquired
China's titanium feedstock import situation Jan. 2012
Iluka upbeat on the profitability of titanium feedstock
Gunson, DuPont sign ilmenite offtake agreement
Indonisia exterts strict regulation on mineral resources
Titanium feedstock related investment hot in Western China
Coating production drives TiO2 consumption in China
Dow eyes the fast growing Western China
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