China Zhongwang to Buy Guoxin Aluminum Industry

BEIJING, Feb. 10 -- China Zhongwang Holdings Ltd<1333>, the world's third-largest extruded aluminum product maker, plans to take over Qinghai Guoxin Aluminum Industry Incorporated Co, China's largest hard alloy manufacturer, according to a source familiar with matter.

Both parties expect to reach an agreement soon, said the source. No financial details were disclosed.

Reportedly, China Zhongwang started acquisition talks with Guoxin Aluminum in September.

China Zhongwang in November announced that its net profit jumped 49% year on year to RMB 2.4 billion in the first nine months of last year and that its revenue was RMB 9.64 billion, up 7.7% from RMB 8.95 billion a year earlier, according to an earlier report from China Knowledge.