Feb 22, 2023 06:42 AM

BUSINESS

Exclusive: The Bidding War for Fosun’s Nangang May Heat Back Up

By Luo Guoping, Bao Zhiming, Yu Ning and Denise Jia

Shagang is China’s largest privately owned steelmaker.

Shagang is China’s largest privately owned steelmaker.

Jiangsu Shagang Group agreed in October to buy 60% of Nanjing Nangang Iron & Steel United Co. Ltd. for $16.5 billion yuan ($2.21 billion). Now the deal may fall apart as rivals crank up a bidding war.

Shagang completed a 55-day due diligence review but has yet to sign a formal agreement with seller Fosun International Ltd., Caixin learned from sources. Now several other bidders — including state-owned Citic Pacific Special Steel Group Co. Ltd. and Jiangxi Fangda Steel Group Co. Ltd. — are also mounting rival offers, and Shagang is feeling the threat of losing the deal.

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