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China widens overhaul of state sector with merger of metals firms
Add BT as a preferred sourcePublished Wed, Dec 9, 2015 · 09:50 PM
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Shanghai
CHINA widened the overhaul of its bloated state sector as China Minmetals Corp, its biggest metals trader, agreed to buy a government-owned engineering and mining group, combining two state enterprises with about US$96 billion in sales.
China Metallurgical Group will be folded into Minmetals as a wholly owned subsidiary, according to a statement by China's State-owned Assets Supervision and Administration Commission (SASAC) on Tuesday. A new, listed company will be created, according to a person with knowledge of the situation.
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