Longxing Chemical Stock (SHE:002442) proposed to acquire 100% of China Rubber (Chongqing) Carbon Black from CSRC (Singapore), according to a Shenzhen Stock Exchange disclosure on Wednesday.
The target company mainly produces carbon black, a crucial component in the manufacturing of automobile tires and other rubber products.
Longxing initially planned to acquire a 55% stake in the target company, while its actual controller, Liu Jiangshan, would acquire the remaining 45%. However, recent developments have led to a change in the acquisition plan, with Liu Jiangshan no longer participating.
The revised proposal is currently in the planning stage, and further details regarding the transaction, including the final terms and conditions, are yet to be finalized.
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