Deals
Michelangelo Buy Sends Former Waste Manager's Shares Soaring
- Painting pact lifts stock of company that’s shifted businesses
- Yulong to offer ownership to those with brokerage accounts
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A Chinese former construction products company wants to offer anyone with a brokerage account a piece of a Michelangelo.
Shares in Yulong Eco-Materials Ltd. jumped as much as 47 percent after the company said it agreed to buy a “Crucifixion” painting for $75 million. The added market value that resulted, as much as $65 million from Friday’s close, came after the company said it plans to pay for the acquisition by issuing 7.5 million restricted shares valued at $10.00 per share -- if the deal gets shareholder approval, and the painting passes an appraisal and has authentication documents.