China Minmetals to acquire 44% of China Metallurgical Corp.

China Minmetals Group, a state-owned mining and metals company, is set to acquire a 44.258% stake in Metallurgical Corporation of China (MCC) (SSE: 601618) from its wholly-owned subsidiary, China Metallurgical Group Corporation (CMG). The transaction, structured as a non-cash transfer, will make China Minmetals the direct controlling shareholder of MCC, while the ultimate control remains with the State-owned Assets Supervision and Administration Commission of the State Council. The transfer involves 9,171,859,770 A-shares of MCC and was approved by the boards of both China Minmetals and CMG. The deal requires approvals from relevant regulatory bodies, including a waiver from the Hong Kong Securities and Futures Commission regarding a general offer. The transfer is expected to streamline the shareholding structure and reduce management layers, ultimately enhancing control over the listed company. No cash consideration will be paid for the share transfer.