SASAC denies merger plan
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Chu Xuping, vice director of the research division of the State-owned Assets Supervision and Administration Commission (SASAC) denied a rumored merger between Aluminum Corporation of China (Chinalco) and China Minmetals to restructure their rare earth sectors.
An earlier report stated that Guoxin Asset Management Co, a new state-asset management company under SASAC, is holding stakes in China Minmetals and will take further holdings in China Aluminum as part of plan to merge the rare earth divisions in both companies.
Chu said SASAC has no such plan currently, but he strongly stated that SASAC will support state-owned rare earth companies merging with local ones to streamline the industry.
China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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