The integration of "Tang Steel department" is imminent

--Zhao Yang June 26, Tang steel three listed companies in Tang Steel shares, Handan Iron and steel and Chengde vanadium and titanium will be the merger and absorption of the vote, marking the integration of the Tanggang system into a substantive step. Handan Iron and steel arbitrage space in more than 9% in December 2008, the Tang Steel department announced the absorption of the merger scheme, according to the relevant program, Tang Steel shares to 5.29 yuan/share with Handan iron and steel and Chengde vanadium and titanium for exchange, which, Handan Iron and steel and Tanggang shares of the stock exchange ratio of 1:0.775, Chengde vanadium and titanium and Tanggang shares of the exchange rate of 1:1.089.　 The shareholders of Tang Steel, Handan Iron and steel, Chengde vanadium and titanium, with the right of repurchase claim, can be divided into 5.29 yuan per unit, Handan Iron and steel 4.1 yuan/share, Chengde vanadium titanium 5.76 yuan/share repurchase its dissenting shares.　 There has been no risk arbitrage in the reorganization of Pangang, and the arbitrage opportunity still exists with the Tanggang of the integrated curtain of the system. If 26th the Absorption merger scheme was adopted, then from the current stock price, Handan steel still has a certain arbitrage space.　 In accordance with the closing price of June 18, the closing price of the Tang steel shares is 7.38 yuan/share, Handan iron and steel closing price of 5.22 yuan/share, if Handan steel to 0.775 of the proportion of the Tang steel shares, then Handan Iron and steel There is still a 9.5% arbitrage space. Before that, some researchers said the reorganisation was not without risk. For example, CICC researcher Rowe pointed out, "This reorganization only involves the exchange of shares absorption merger, not in the current period to give the circulation shareholder preferential, in view of the Hebei provincial government's vigorous promotion, this reorganization is imperative, therefore, the circulation shareholder may demand more concessions through the game." In addition, according to the current stock price, Chengde vanadium and titanium shareholders to choose shares will have losses, and the exchange price is determined in September 08, only reflects the value of the market recognized at that time. "Then will the shareholders of Chengde vanadium and titanium vote against it?"　 According to the relevant regulations, the programme through the need to have more than two-thirds of the shareholders agree, at present, the number of vanadium and titanium in Chengde, 584 million shares, the Tang steel shares of 1.77 billion shares, Handan steel for 2.82 billion shares, even if all of Chengde vanadium titanium shareholders "vote with the foot", will not affect the final decision right. "There are few institutional shareholders of the vanadium-titanium in Chengde, and the likelihood of a negative vote is low."　 A person in the industry said to reporters. "Handan iron and Steel current PB valuation is only 1.15 times times, in the current steel listed companies are almost the lowest, even if the stock Exchange plan did not pass, Handan iron and steel fall space is not small, there is a strong margin of safety."　 Citic Securities researcher Zhou Xizhan said. Other assets to be injected although the tanggang of the Department of the acquisition of the assets of Handan Iron and steel and Chengde vanadium and titanium profitability than the existing low steel shares, was criticized as "the most loss of the merger." But from the whole development of Hebei Iron and steel, it still has strategic significance. If the reorganization is completed successfully, the combined Hebei Iron and Steel Co., Ltd will become the second largest steel listed company in China. And for the Hebei Iron and steel Group All steelThe overall listing of the main business provides an integrated platform.　 Hebei Iron and Steel Group still has high-quality unlisted main assets, the group pledged to complete the merged new Tang Steel as the group's only listing platform for the steel industry, and will be in the exchange of shares in the merger of the date of three years to inject the group of other steel assets into the listed companies. This time has come early. June 19, three companies also issued a notice, Hebei Iron and Steel group said that the integration of the plan to make a supplementary commitment: Hebei Iron and Steel group will be in the exchange after the completion of the merger immediately start the main asset capital injection work,　 and strive to absorb the merger after the completion of the first year, Hebei Iron and Steel Group Holdings in Wuyang Steel limited liability company and Xuan Steel Group Limited liability company quality iron and steel business assets into the existence of listed companies. "The significance of the supplementary commitment is mainly to protect the interests of the vanadium and titanium shareholders in Chengde."　 The above mentioned industry personage pointed out. The best quality two assets in the group Wuyang Steel and long material Enterprise Xuan Steel is also widely expected in the industry the earliest injection of assets.　 Wuyang Steel and Xuan Steel group total assets value of about 12 billion, in accordance with the closing price of June 18, the Tang steel shares need to be directed additional 1.626 billion shares to purchase related assets. "After the injection is completed, the new company's net assets per share will increase from 4 yuan/share to 4.6 yuan/share, increase more than 15%."　 "Some analysts say.　 In addition, the group of Han Bao, Caofeidian two boutique projects, as well as Tangshan stainless steel, Hengshui sheet factory and other iron and steel business assets, follow-up will be gradually injected into the listed companies, the company's profitability will be greatly enhanced.　　CICC is expected to absorb the combined Handan steel and Chengde vanadium and titanium, 09, 10 Tanggang EPS is 0.2 yuan, 0.27 yuan, taking into account the strong expectations of Wuyang and Xuan Steel asset injection, give Tang steel shares 7.66-8.98 yuan stock price forecast. Group unlisted main assets major companies shareholding ratio main product capacity Wuyang Iron and Steel Co., Ltd. 53.12% plate 130 Wuyang New Wide Plate Co., Ltd. 82.08% thick and heavy plate 150 Xuan Steel Group 100% wire rods, profiles, strip, Welded pipe 650 Handan iron and Steel Group Co., Ltd. 50% fine plate 450 steel Beijing-Tang Steel Joint Limited liability company 49% high-end fine plate 913 Tangshan Stainless Steel Co., Ltd. 71.25%, stainless steel 340 Handan steel Group Hengshui Thin Plate Co., Ltd. 100% Cold rolled sheet , color coating Board 60 qingdao Handan Steel color Coating Board Co., Ltd. 19.98% color Coating Board 8