China Minmetals acquires 44% stake in Metallurgical Corp of China

China Minmetals Group, a state-owned mining and metals company, is acquiring a 44.258% stake in Metallurgical Corporation of China (MCC) from its wholly-owned subsidiary, China Metallurgical Group Corporation (CMGC). The transaction involves the transfer of 9,171,859,770 A-shares of MCC listed on the Shanghai Stock Exchange. This is a no-cash transaction conducted through a state-owned equity transfer. Post-acquisition, China Minmetals will become MCC's direct controlling shareholder, replacing CMGC, which will retain a 4.918% stake. The deal does not change MCC's ultimate controlling shareholder, which remains the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council. The transfer aims to streamline the ownership structure and enhance management efficiency. The deal received approval from China Minmetals’ board and a waiver from the Hong Kong Securities and Futures Commission regarding a general offer. It still requires approvals from the Shanghai Stock Exchange and the China Securities Depository and Clearing Corporation Limited.