Shanda Shareholders Okay CEO Buyout
A majority of Shanda Interactive Entertainment Ltd (NASDAQ: SNDA) shareholders voted in favor of a takeover offer that values the Chinese online game developer and operator at $2.3 billion, the Wall Street Journal reported. Chairman and CEO Chen Tianqiao Chen, his wife Luo Qianqian and brother Chen Danian, Shanda's COO, offered $41.35 each for the American depositary shares they do not own.
Chinalco's Output to Rise 10.5% in 2012
Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600) will produce 21.5 million tons of aluminum this year, up 10.5% from 2011, and demand in China will grow 6.6% to 21.3 million tons, said Li Dongguang, president of Chinalco International Trading Co.
WuXi PharmaTech to Buy Back Shares
WuXi PharmaTech Inc (NYSE: WX), a leading Chinese pharmaceutical, biotechnology and medical-device R&D outsourcing company, said that it has agreed to purchase from investment funds affiliated with global growth investor, General Atlantic LLC, all of the WuXi ordinary shares General Atlantic had received, following the conversion in full of the $35 million principal amount of convertible notes plus accrued interest of $864,000 held by General Atlantic.
China Railway Construction Secures $1.5b Africa Deal
China Railway Construction Co (HKG: 1186) said it signed a $1.45 billion deal to build a highway in Nigeria. The amount is equivalent to 1.94% of its revenue in 2010.
Dongfeng Auto, Xinchen Engine Set Up JV
Dongfeng Automobile Co (SHA: 600006) said it plans to work with Mianyang Xinchen Engine Co to establish a plant in Changzhou, Jiangsu province. The 50:50 joint venture will be set up with ¥250 million in registered capital and manufacture small engines and accessories.
State Construction's Property Sales Slumps
China State Construction Engineering Corp (SHA: 601668) said it signed ¥52.4 billion worth of contracts involving construction of 398 million m2 in January, up 22.4% and 31.9% respectively from a year earlier. However, its property development division sold 290,000m2 in floor space valued at ¥3.4 billion last month, down 54.9% and 57.4% year on year respectively.
$1 = ¥6.3