Reuters logo
5 months ago
Yingde Gases jumps to near two-year high after shareholders vote for board change
March 9, 2017 / 2:06 AM / 5 months ago

Yingde Gases jumps to near two-year high after shareholders vote for board change

1 Min Read

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below