Paley's managing director Paul Arndt said in the announcement, zhongjin lingnan's bid is paley, shareholders in the challenging global economic environment, attractive investment opportunities 45 degree short radius pipe fitting elbows at a premium.
Paley says, if a separate report showed that the 4 inch sch80 hot dipped galvanized steel pipe trade in the best interest of the minority shareholders, and there are no Welding Socket Weld slip on flange other offer, company directors will support the proposal. The deal has yet to be approved by the Chinese and Australian regulators.
Zhongjin lingnan early in 2009 to accept the purchase mode and strategic alliance agreement for the first time a stake in A106 High quality carbon structural steel tube zechariah. The content of the strategic alliance agreement includes to provide financial support during the global financial crisis, as well as offering paley, zhongjin lingnan China market information.
Paley said, in the December issue of the shareholders is expected to vote on the proposal at the meeting.
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