Jiangsu Shagang (002075.SZ) announced on late Tuesday to terminate asset acquisitions as parties involved in the trading failed to reach a consensus about asset scope, valuation and profit compensation about the trading target.
Despite rounds of negotiations about some important commercial terms, the parties still failed to reach a consensus about the core issues, said He Chunsheng, chairman of the listed steel maker. T
he target is a new energy vehicle project. In accordance with relevant agreements, it shall not disclose detailed information of the target, said Shagang.
In the future, it will make full use of existing resources and create favorable conditions to expand its development fields, seek new profit growth points, and promote its strategic transformation.
It will focus on new energy, new materials, and IDC Internet big data to promote innovative development of the steel business and enhance its core competitiveness, said Shagang.
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