Yancoal Confirms $2b Gloucester Deal
Yanzhou Coal Mining Co (NYSE: YZC, SHA: 600188, HKG: 1171), China's fourth biggest coal producer, agreed to buy Gloucester Coal Ltd for $2.1 billion in cash and shares to gain access to more mines and ports in Australia, Bloomberg reported. Buying Gloucester, controlled by commodity trader Noble Group Ltd, will almost double Yancoal's mines in Australia as well as expand its access to ports.
China Unicom Teams Up with Everbright Bank
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) said it signed a strategic deal with China Everbright Bank Co (SHA: 601818) for cooperation in online banking. No details were available.
Sinopec Refines 200m Tons of Crude Through Nov
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) said it refined 199.9 million tons of crude oil and supplied 70.46 million tons of diesel in China in the first 11 months of 2011. Domestic diesel supply was up 5.1% from the same period a year ago.
Construction Bank Builds Western Center
China Construction Bank Corp (SHA: 601939, HKG: 0939), the nation's largest mortgage lender, announced a ¥3.3 billion plan to build a regional service center in Chengdu, Sichuan's provincial capital, to serve the country's western region. The 350,000m2 facility is expected to become operational by the end of 2015 and create 8,000 jobs.
Tsingtao Brewery Eyes 7m Tons of Beer Sales in 2011
Tsingtao Brewery Co (SHA: 600600, HKG: 0168), China's second largest brewer by capacity, said it expected its beer sales volume to grow 10% to seven million tons this year and crack the 10 million ton mark by 2014. Tsingtao currently controls 14% of beer sales in China, behind China Resources Snow Breweries' 20%.
CNAH Increases Stake in Air China
Air China Ltd (SHA: 601111, HKG: 0753) said China National Aviation Holding Co has raised its stake in the company from 51.46% to 51.57% after buying 13.82 million shares at the Shanghai Stock Exchange.
Yanhua Smartech Partners with Honeywell China
Shanghai Yanhua Smartech Group Co (SHE: 002178) said it signed a strategic deal with Honeywell (NYSE: HON) China ECC to co-develop intelligent energy saving products. Tianjin-based Honeywell China ECC manufactures automation control systems for buildings.
$1 = ¥6.32
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