Merger Creates New Chinese Steel Giant
Tangshan Iron & Steel Group and Handan Iron & Steel Group merge to form a new steelmaker giant, state media reports. The new company would have an annual output capacity of 31.75 million metric tons of iron and steel, surpassing the capacity of industry leader Baosteel by 5 per cent. Both companies are located in Hebei province and are government-controlled. Financial details will be revealed later, the companies said.
Bank of China Invests in Private Equity Fund
Through the State Administration of Foreign Exchange (SAFE), Bank of
China has reportedly agreed to invest USD2.5 bn in a private equity
fund run by US-based TPG (Texas Pacific Group), the media writes. The
Chinese investment makes up between 12 and 16 per cent of the total
fund of USD15 bn to USD20 bn. Experts say it is very unusual that a
country's central bank is investing directly in a private equity fund;
"risk-free" investments in government bonds or gold are more the rule.
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