Redsun restructuring gets anti-trust OK
The anti-trust office of the Chinese Ministry of Commerce has given the go-ahead to the completion of Chinese agrochemical company Redsun's restructuring plan after carrying out an investigation, Chinese media report. Redsun issued shares to Nanjing No 1 Pesticide in return for ownership of the latter's wholly-owned subsidiaries, Nanjing Redsun Biochemical, Anhui Guoxing Biochemical and Nanjing Redsun International Trading. The approval means Nanjing No 1 becomes the major shareholder in Redsun, with a 44.5% holding. The tactical restructuring deal began in November 2008, when it was approved by Redsun's board of directors ( Agrow No 559, p 1).