Zijin to acquire stake in Chifeng Gold

Zijin Mining’s wholly owned subsidiary Zijin Gold is set to assume control of Chifeng Gold following its agreement to acquire a substantial shareholding. Zijin Gold will acquire 242 million A shares from Chifeng Gold's largest shareholder, Li Jinyang, and Zhejiang Hanfeng, a 'concert party' of Li Jinyang, for 41.36 yuan ($6) per share. This acquisition includes a 1.3% premium over the closing price of Chifeng’s shares before trading was halted, amounting to around 10bn yuan ($1.45bn) in total. Addition ...