Taiwan's E United Group aims to merge Tang Eng Iron Works
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Update time : 2022-08-02 21:27:09
Taiwan's E United Group tried to work on integrating the local stainless steel industry to team up to stand out in the international stainless steel market. In 2009, the proposal to merge Tang Eng Iron Works failed on a government audit with the reason of market monopoly.
E United Group raised the topic again on July 29 with a proposal to related authorities stating that the international stainless steel market has been very difficult for Taiwan stainless mills to work alone when major mills abroad merge bigger and bigger to enforce the strength in the international stainless steel market.
If government authority approves the merge, E United Group will gather the shares of Tang Eng Iron Works from the local shares market, aiming a 50% up shares to operate the company.
E United Group currently has about 31% stock share of Tang Eng Iron Works.
Tang Eng Iron Works said they had no idea of E United Group's intention of the merge plan. For now, China Steel Corporation and government-related parties hold around 53% shares of Tang Eng Iron Works.
All market players are watching the government's comment on the merge requisition for Taiwan's stainless steel industry's strengthening.
