China Rare Earth in talks to acquire Shenghe Resources, sources say
Shares of Chinese rare earth miner Shenghe Resources Holding climbed as much as 4.4% to 22.49 yuan, hitting their highest level since September 4. State-owned China Rare Earth Group is in discussions to acquire Shenghe Resources, according to two sources familiar with the matter. Shenghe Resources stated late Sunday that it was aware of "false" overseas media reports and that its controlling shareholder had no plans to transfer the company's controlling stake.
49 yuan, putting the stock on track for its biggest one-day percentage gain since August 14. The stock also touched its highest level since September 4 in a second straight session of gains. Two sources with knowledge of the matter said state-owned China Rare Earth Group is in talks to acquire Shenghe Resources. In a statement late on Sunday, Shenghe Resources said it was aware of "false" reports in overseas media and said its controlling shareholder had said that "there are no plans to transfer the company's controlling stake to external parties".
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