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(Shanghai Daily)
Updated: 2007-08-01 16:44

Baosteel Group Corp, China's largest steel maker, became the controlling holder of Xinjiang Ba Yi Iron & Steel Co, listed in Shanghai, as the government approved the company's acquisition of Ba Yi's parent.

Baosteel, which is based in Shanghai, has taken a 53-percent stake, Ba Yi Steel Co said in a statement submitted to the stock exchange. Baosteel agreed on January 16 to pay three billion yuan (US$396 million) for 70 percent of Xinjiang Ba Yi Iron & Steel Group, the parent of Ba Yi Steel Co, in its first takeover since 1998, according to previous reports.