Baosteel Unit Acquires $1.3B Stake In CNPC Gas Pipeline

Law360, New York (December 20, 2012, 5:14 PM EST) -- A unit of Baosteel Group Corp., one of China's largest steel manufacturers, has picked up a stake in a China National Petroleum Corp.-led natural gas pipeline venture for 8 billion yuan ($1.28 billion) in an effort to diversify its assets, according to a Thursday filing.

Baoshan Iron & Steel Co. Ltd.'s board of directors approved the investment at a recent meeting, according to a filing with the Shanghai Stock Exchange. Per the deal, it will take a 12.8 percent stake in CNPC's Third West-East Gas Pipeline....
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