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A panel of the Baowu Steel Group is seen in the Pudong District of Shanghai, China on April 25, 2019. REUTERS / Aly Song
SHANGHAI (Reuters) – Chinese steel giant China Baowu Steel Group will acquire a 51% stake in its rival Magang Group Holding Co Ltd, a statement released on Sunday by Magang's listed group, Maashan Iron & Steel Co.
An agreement between Baowu and Magang was signed on May 31, according to the statement posted on the Shanghai Stock Exchange website.
Reuters previously reported that Baowu was in negotiations to take control of Magang.
Reportage by Andrew Galbraith; Edited by Himani Sarkar
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