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China: Dongfang Electrical to Buy 2 Units at 15b Yuan(2007-5-17)

May 17, 2007

Dongfang Electrical Machinery Co., China's third-biggest maker of power-generation equipment, said it will buy two units from its parent for 15 billion yuan (US$1.95 billion) in cash and stock.

The Sichuan-based company will buy 100 percent of Dongfang Boiler Group and Dongfang Turbine Co., the company said in a statement today.

Dongfang Electrical will issue 367 million new Shanghai-traded yuan shares to its parent at 24.17 yuan each, the statement said. The parent's stake will rise to 69.9 percent from 45.3 percent, according to the statement.

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