Baosteel’s Acquisition Plan Earnings-Dilutive in the Near Term; No-Moat Rating Unchanged
Baosteel has announced that it will acquire Wuhan Iron & Steel Co, or WISCO, through a share-swap exercise. Under the plan, Baoshan will issue 5.65 billion stocks at CNY 4.60 per share in exchange for WISCO shares, indicating a share swap ratio of 0.56/1. The transaction is subjected to approvals from minority shareholders and the respective authorities. Meanwhile, trading of Baosteel will remain suspended, as the Shanghai Stock Exchange is still reviewing the merger plan. Â We maintain our e...
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