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ANZ swaps buyer in $1.4 billion Shanghai bank sale; Baosteel in
September 18, 2017 / 10:08 AM / in a month

ANZ swaps buyer in $1.4 billion Shanghai bank sale; Baosteel in

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.

Baowu, which owns a 52 percent stake in Baosteel, also holds a 22.6 percent stake in New China Life Insurance Co (601366.SS) and shares in China Construction Bank Corp (601939.SS) (0939.HK).

Baosteel could not be reached for comment.

Reporting by Tom Westbrook and Matthew Miller; Editing by Muralikumar Anantharaman

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