Metal Co. Chalco To Spend $318M On Ningxia Electric Stake

Law360, New York (August 14, 2012, 12:36 PM EDT) -- The Aluminum Corp. of China Ltd., or Chalco, will purchase a 35.3 percent stake in Chinese electric company Ningxia Electric Power Corp. for 2 billion yuan ($318 million) to boost its energy self-sufficiency as it expands, the buyer said Monday.

Chalco said it planned to pick up a 23.42 percent stake in Ningxia from Bank of China Group Investment Ltd., or BOSGI, and would siphon the remainder from China Zhongtou Trust. Both sellers will exit the power company through the deal, and state-owned Chalco will emerge...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.