Yongye International Inc. (YONG), a Chinese maker of fertilizers, surged the most in more than two months in New York after the company said the country’s state-owned bank offered to fund its going-private deal.
Shares soared 15 percent to $5.70 at 1:05 p.m. in New York, the biggest rally since Oct. 15, the day Chairman Wu Zishen and Morgan Stanley’s private equity unit proposed the takeover.
Yongye, based in Beijing, signed a $99 million one-year loan agreement with China Development Bank Corp., according to its filing with the U.S. Securities and Exchange Commission. China Development Bank agreed to provide debt financing of as much as $232 million to finance the deal, Yongye said.
To contact the editor responsible for this story: Emma O’Brien at firstname.lastname@example.org