STEEL company Shougang Holding (HK) said yesterday that it would take a 68 per cent stake in the $314.4 million deal to buy 185 million shares and 10 million warrants in Santai Manufacturing from Allied Industries International. Property and investment group Cheung Kong said it would hold a 28 per cent stake, while CEF Holdings, a joint venture between Cheung Kong and the Canadian Imperial Bank of Commerce, would acquire the rest. The consortium will buy the 185 million shares for $1.699 each and the 10 million warrants for one cent each. The three companies plan to make a general offer for all issued shares and warrants under Securities and Futures Commission takeover and merger rules. The offer values all shares and outstanding warrants at $464 million.
