The Wall Street Journal: Chalco Buys Winsway Stake as SouthGobi Deal Stalls

Aluminum Corp. of China Ltd. isn’t letting its stalled takeover of SouthGobi Resources Ltd. stop its coal ambitions. On Monday evening, the company, also known as Chalco, said it would buy a 29.9% interest in Hong Kong-listed Winsway Coking Coal Holdings Ltd. for HK$2.39 billion (US$307.9 billion), to become the companys’ single largest shareholder. The price, at HK$2.12 a share, is a 22.5% premium over Winsway’s closing price of HK$1.73 on Friday. Earlier this month, Chalco’s plan to diversify away from aluminum into coal by buying a controlling stake in SouthGobi Resources Ltd. from Canada’s Ivanhoe Mines Ltd. was dealt a blow when the Mongolian government said it was reviewing the proposed change of ownership. To read the full article, click hereChalco Buys Winsway Stake as SouthGobi Deal Stalls

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