HONG KONG (Reuters) - Shares of Yingde Gases Group Co Ltd climbed 2.4 percent to a near two-year high on Thursday after shareholders voted for major board changes, ending a four-month battle for control of China’s top industrial gases company.
Shares rose to HK$6.53, the highest since May 2015. That compared to a 0.8 percent fall in the benchmark index.
A majority of Yingde Gases shareholders voted to keep two of its co-founders and main shareholders on its board and oust five other board members, ending a battle for control of the $1.5 billion firm.
Amid the power struggle, U.S. industrial gas maker Air Products has made a takeover approach for Yingde Gases, while Hong Kong-based private equity firm PAG has agreed to buy a substantial stake.
Reporting by Donny Kwok; Editing by Randy Fabi