Huadian Power resubmits acquisition plan for key assets

Huadian Power International Corporation (SSE:600027) announced it has resubmitted its application to the Shanghai Stock Exchange (SSE) for approval of a major asset restructuring involving the issuance of shares and payment of cash to purchase a range of new energy assets from its parent company, China Huadian Corporation. The deal, initially proposed last year, includes the acquisition of equity in entities controlling Jiangsu Huadian, Shanghai Haowanxin, Shanghai Hongdi, Guangzhou University City Huadian, Huadian Fuxin, Huadian Zhangjiakou, Huadian Beichen and Haigang Company. In total the transaction will involve shares and cash as well as raise supporting funds. The asset targets are involved in a related-party transaction.