HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

CPMC Holdings (906.HK) Privatization Update - The Story Behind the Delay of Offer Document Despatch

CPMC Holdings (906.HK) Privatization Update- Due to Risk Behind ORG's Offer, Baosteel Is a Wiser Bet

CPMC Holdings (906.HK) Privatization Update - ORG Is Pushing Baosteel to Raise Its Offer

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Event-Driven

<ul>
<li>Acquiring CPMC at low price is in line with Baosteel's strategic goals and the new assessment indicators of Baowu Group. This explains why Baosteel didn't choose to raise its Offer </li>
<li>ORG intends to acquire 100% equity of CPMC. This means state-owned capital needs to withdraw completely from CPMC. So, would China Foods/COFCO (both SOEs) agree to be acquired by ORG?</li>
<li>If ORG is “forced to” acquire CPMC due to Baosteel's low Offer Price, will ORG change mind and choose to withdraw midway?Such “potential unwillingness” from ORG makes the deal “tricky”.</li>
</ul>


Acquiring CPMC at low price is in line with Baosteel's strategic goals and the new assessment indicators of Baowu Group. This explains why Baosteel didn't choose to raise its Offer 
ORG intends to acquire 100% equity of CPMC. This means state-owned capital needs to withdraw completely from CPMC. So, would China Foods/COFCO (both SOEs) agree to be acquired by ORG?
If ORG is “forced to” acquire CPMC due to Baosteel's low Offer Price, will ORG change mind and choose to withdraw midway?Such “potential unwillingness” from ORG makes the deal “tricky”.


Shanghai Baosteel Packaging-A (601968 CH)

CPMC Holdings (906.HK) Privatization Update - Will ORG Withdraw Midway?