SYDNEY/BEIJING (Reuters) - Australia and New Zealand Banking Corporation (ANZ.AX) said on Monday Baoshan Iron & Steel Co (600019.SS) would buy part of its stake in Shanghai Rural Commercial Bank Co [SHRCB.UL], rather than Shanghai Sino-Poland Enterprise Management Development Corp.
ANZ agreed in January to sell its 20 percent stake in Shanghai Rural for A$1.8 billion ($1.44 billion) to China COSCO Shipping Corp and Shanghai Sino-Poland, with each buyer taking 10 percent.
“There are no material changes to the financial terms of the sale for ANZ,” ANZ Deputy Chief Executive Officer Graham Hodges said in a statement, which did not give a reason for the changes to the deal.
COSCO will still buy its share, the statement said, adding the deal remains subject to closing conditions and regulatory approval.
Baoshan Iron & Steel Co. 6000019.SS (Baosteel), China’s largest listed steel mill, said in a separate statement to the Shanghai Stock Exchange that it would buy a 10 percent stake in the Shanghai lender for 4.595 billion yuan ($700.07 million).
Baosteel is a major division of China’s biggest steelmaker, China Baowu Steel Group, which was formed last year through the merger of the Shanghai-based steel producer and rival Wuhan Iron and Steel.
Baosteel could not be reached for comment.
Reporting by Tom Westbrook and Matthew Miller; Editing by Muralikumar Anantharaman