Eastern bloc in a field acquisition and takeover battle

World marketing comments (http://mkt.) the so-called "world xixi, all triumph; world rangrang, all profits to", recently, China Eastern Group should this strife is saying. China Eastern Group Holdings Co., Ltd. 1999 incorporated in Bermuda, jinxi steel is China's largest steel production and supplier.

Not long ago, orient group shareholder Wellbeing of representative figures, Group President and CEO of hanjingyuan claimed to the outside world, the second shareholder jiaxin holdings Chen ningning (map) forged signature of the agreement and the purchase of imported iron ore, proxies and get huge profit US $ 66 million, was arrested for embezzlement of shareholders. The so-called "iron and steel Queen" Chen ningning I is the first time through the stakeholders and the media that 16 may issue a notice to that be within 60 days, seeking financing to the other shareholders to purchase shares of China Eastern Group desires to work in the Eastern bloc,.

"The King of Kong stock steel" to play the "Queen" of iron and steel

For the in-fighting, two major shareholders group of Wellbeing and jiaxin holdings present while still competing, but their is conflicts seem to have more and more clear.

Forged signature a thing is true, there has been no conclusion, but a field acquisition and takeover of the battle is already listed on Mr. Doris Chen ningning and the new wealth of the rich list Regal Hanjingyuan staged between the real, the purchasing party Chen ningning existing 28.14% stake, and anti-takeover party hanjingyuan hands you control more than 44% of the shares. Allegedly, the two sides of Danny as early as the beginning of the Eastern bloc listing is closed down.

Informed sources said the Eastern bloc in 2004 was listed in Hong Kong, Chen ningning hope to gain access to its holdings, however, at that time due to various reasons, only got 29.2% share, become the Group's second largest shareholder. This was the start of the conflict. Hanjingyuan total said Chen ningning had set up a Council, is to become the largest shareholder.

10 December 2005 and 25 January 2006, qianxi County PSB group forensic Squadron and the Central received a signed "Wu" the misappropriation of hanjingyuan crazy problems reported to the State-owned assets, "the letter, two letter content generally consistent reporting, are known as" hanjingyuan in tenure, took advantage of State-owned enterprises, the use of a legal loophole, empty gloves White Wolf, blatant misappropriation of assets, in just 5 years by ordinary wage-earners into personal property tycoons Super billions. "

"If I had an accident, the business layer basically fight, jinxi co. becomes Chen ningning. "Hanjingyuan (map) has said. Jinxi steel is the lay of the land hanjingyuan-hand, from a loss of small plants into today's China top 500, really difficult. Of course, he is not so easy in an accident, not to mention the fact he has the backing of qianxi County Government.

In February, jiaxin aspect had directly on the stock exchange announcements, tips for acquisition of equity hanjingyuan and others. And 18 March, the Government of the qianxi County and jinxi co. employee shares shareholders publish the offer letter of China Eastern co., said that at present there are a variety of China Eastern Group, acquisitions are extremely necessary. But the report in May this year, there is no closed display report letter alleged jinxi co. loss of State assets.

Chen ningning obsession

Things have not concluded before the closing, Chen ningning still other issues bite tight hanjingyuan. Sea turtles, Chen ningning in capital market early on is a well-known figure in the Eastern bloc a bondage, her dedication and once in the Hong Kong women's richest man she has a spell.

11 April 2007, orient group bulletin, the company holds 97.6% jinxi iron and steel, in April 2006 to Foshan jinxi jinlan associated company of cold-rolled sheet co., Ltd (China Eastern Holdings jinxi jinlan 60% equity), provides maximum 1.5 billion credit guarantees. The guarantee is not a Board of Directors agreed that, with the approval of the shareholders, nor the Hong Kong stock exchange. Jinxi jinlan from February 2007 to bank acceptance form, to the relevant Bank 7100 million. To this end, the company's Board of Directors believes that hanjingyuan should have the primary responsibility.

Thus, Chen ningning seize this "credit guarantee undisclosed", the largest shareholder of the right to transfer shares hanjingyuan. However Luo Wen HKEx spokesman said, if you do have a Director to be responsible for, and may be publicly condemned, but under current regulations, compliance directors have no criminal liability. Therefore, it finally had to sleep on.

Accompanied by a series of events, both sides share battle also came into the white-hot.