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Chinese gold company to pay $665 million for U.S. oil and gas company
By Michelle Yun
Bloomberg News
Monday, February 17, 2014
HONG KONG -- Goldleaf Jewelry Co., a Chinese jewelry retailer with gold mining investments, plans to buy U.S. oil and gas operator ERG Resources LLC for at least $665 million. Goldleaf’s shares surged.
The Beijing-based company will pay for the acquisition with a private share placement, raising as much as 5.7 billion yuan ($940 million) from no more than 10 investors, Goldleaf said in a statement today to the Shenzhen stock exchange. It will hold 95 percent of Houston, Texas-based ERG after the purchase.
The acquisition is in line with the company's strategy to become a "cross-border, trans-market, international resources enterprise," Goldleaf said in a separate statement. ...
... For the full story:
http://www.bloomberg.com/news/2014-02-17/chinese-gold-retailer-to-pay-66...
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