Overview

China Eximbank provides €13 million EUR lending facility to Maanshan Iron and Steel Co., Ltd. to finance the acquisition of SAS Valdunes

Commitments (Constant USD, 2023)$17,688,262

Commitment Year•2014Country of Activity•FranceDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 22, 2014

Start (actual): Jun 10, 2014

End (actual): Jun 10, 2014

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned companies

Maanshan Iron and Steel Company Limited) (Masteel) (Magang)

Loan description

China Eximbank provides EUR 13 million lending facility to Maanshan Iron and Steel Co., Ltd. to finance the acquisition of SAS Valdunes

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2014, the Export-Import Bank of China signed an agreement to provide a €13 million EUR lending facility to Maanshan Iron and Steel Co., Ltd., ("Masteel") a Chinese steel manufacturer. Proceeds from the facility are to be used to finance the acquisition of SAS Valdunes, a French wheelset manufacturer. SAS Valdunes, involved in the research, development, and production of high-speed rail wheels, had previously entered bankruptcy in 2013. Maanshan's board of directors approved the acquisition on May 22, 2014, with a French court formally approving the deal on May 29, 2014. The deal was finalized on June 10, 2014, with the transfer of real estate assets to be completed by November 30, 2014, and the transfer of other tangible and intangible assets to be completed by August 31, 2014.

Staff comments

1. The exact signing date is unknown. AidData has estimated the approval date of the acquisition by Maanshan's board as the commitment are date.