China National Material granted option to acquire Jidong Cement

China National Material granted option to acquire Jidong Cement
Published: 03 January 2008

China National Materials Co Ltd (CNBM) said its parent China National Materials Group Corp has granted it an option and pre-emptive right to acquire Jidong Cement Group Co Ltd.

Under an agreement between the parent and the local government of Tangshan, in the central Chinese province of Hebei, Jidong Cement, which is indirectly owned by the Tangshan government, will become a subsidiary of the parent through future capital injection, CNBM said.

No financial terms were disclosed.

CNBM said it will consider whether to exercise the option and pre-emption right