Jinan Iron and Steel absorption merged with Laiwu steel again fold the spear

Jinan Iron and Steel (600022) The plan to absorb the shares of Laiwu Steel (600102) and the merger was opposed by the shareholders of Laiwu Steel. On the last day of 2010, Jinan Steel, Laiwu Steel shares held an interim shareholder meeting to consider Jinan iron and steel exchange to absorb shares of LAIWU steel assets reorganization plan. Surprisingly, the plan was approved by the Jinan iron and steel shareholders meeting, Laiwu steel shareholders but the reorganization of the bill veto, only through the authorized board of directors to deal with the merger and acquisition of related matters.　　This means that Jinan steel and Laiwu steel shares in the implementation of the merger and absorption scheme will face adjustment. Jinan Steel and Laiwu steel shares of the restructuring process is quite tortuous. November 9, 2009, the Shan Steel group's listed companies Jinan Steel and Laiwu steel shares at the same time suspension, after the establishment of Jinan iron and steel absorption combined Laiwu steel shares, at the same time injected Yinshan Steel Co., Ltd. and other iron and steel main assets and 3 billion yuan of cash restructuring program. February 24, 2010 Jinan Iron and Steel and Laiwu Steel shares formally announced the reorganization plan and recovery.　　But after the announcement of the plan, the National macro-economic environment and many other factors have changed greatly, the program eventually aborted. September 8, 2010, Jinan Steel, Laiwu Steel shares again suspended the start of major asset restructuring work. After a lapse of 3 months, the new reorganization plan was released, and the reorganization scope was adjusted.　　But after the reorganization plan came out, the shares of the two companies continued to fall, Laiwu steel shares appear obvious arbitrage space, resulting in the plan at the recent shareholders meeting was not. Industry insiders believe that the reason that Laiwu Steel shares did not pass the reorganization bill, the important reason is that the price of LAIWU steel is lower than the cash option. Because under the relevant bill, the dissident shareholders of Laiwu Steel shares can choose 8.90 yuan per share of cash options. At present, the price of Laiwu steel is 7.85 yuan, if the bill passed smoothly, there is obvious arbitrage space.　　The current gap between the price of stock and the right to choose money is an important reason for the motion. The reorganization plan of Jigang is somewhat "untimely". During the suspension, steel stocks continue to fall, the market is also in shock, the decline of 13% or so.　　Laiwu Steel shares resumed after the fall, resulting in the price of stock and cash options for the gap between prices. However, the reporter learned from the conference of Jinan Steel shareholders, the group's restructuring work is actively advancing. Cai Changping, chairman of Jinan Iron and Steel, said that the steel group and Rizhao steel restructuring is also steadily advancing, the current day steel assets assessment has been basically completed, is expected to make greater progress in March, Shan Steel in Rizhao, the boutique steel base is also expected to start in this spring.