China's Baowu Steel Group denied the acquisition of Magang Group, saying the news is not true, Shanghai Securities News reported.
The steel company has received similar information before, and its chairman Chen Derong has made clarifications of the acquisition rumor at a media meeting recently, saying that no notice has been received yet.
But the rumors are not groundless. Chen said earlier in an interview that the merger and restructuring of Chinese companies are underway, and Baowu is actively improving itself in this respect, according to Shanghai Securities News.
Both Baowu Steel Group and Magang Group are located in east China's Anhui Province.
