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Guangzhou shipyard merger called off

Guangzhou shipyard merger called off

Hong Kong: China's Guangzhou Shipyard International Co said on Friday it will call off a proposed $445 million acquisition of a shipyard from its state-owned parent as its shares have slumped in the global financial crisis.
The company's board also approved dropping a planned rights issue, it said in a statement.
Guangzhou Shipyard, controlled by China State Shipbuilding Corp (CSSC), said in July it was the sole qualified bidder for Guangzhou Wenchong Shipbuilding Ltd, and would pay 3.04 billion yuan ($445 million) for the asset. It planned to fund the acquisition through a rights issue.
Its shares have fallen nearly 60 percent in the past year, underperforming a 28 percent drop on the index for major Chinese companies listed in Hong Kong.  [30/03/09]

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