Deals
China's Takeover Troubles Putting Xi's 'Zombie' Reforms to Test
- Cement maker's control of rival stymied as NPC mulls changes
- Missing company stamps, factory standoff mar consolidation
This article is for subscribers only.
Talk about a hostile takeover.
What seemed like a straightforward consolidation of two Chinese cement makers has morphed into a test of President Xi Jinping’s push to streamline bloated industries and rebalance a lagging economy. Missing company chops, seized corporate offices, $700 million in bond defaults and suspended shares are major plot points in the story of Tianrui Group Co.’s effort to absorb China Shanshui Cement Group Ltd.