Exclusive: Rival Bid Shapes Up for Steel Asset Being Sold by Debt-Strapped Fosun

By Luo Guoping, Bao Zhiming and Mo Yelin

A unit of financial conglomerate Citic is fast-tracking a potential bid to buy 60% of Nanjing Nangang Iron & Steel United, sources told Caixin. Photo: VCG

A potential rival bid is quickly shaping up for 60% of a major steelmaker being sold by debt-strapped conglomerate Fosun International Ltd., as it races to raise cash to ease its financial burden.

The asset in play is Nanjing Nangang Iron & Steel United Co. Ltd., whose 60% stake held by Fosun is set to be sold to Jiangsu Shagang Group Co. Ltd. for 13.58 billion yuan ($2 billion), according to an agreement announced this month.

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