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2012 October 25   10:40

Ningbo Marine taken over by power company

China-based dry bulk shipping firm Ningbo Marine Company has been taken over by power firm Zhejiang Provincial Energy (ZPE), Seatrade Asia online reports.

ZPE has bought a controlling 51% stake in Ningbo Marine for RMB2.03bn ($325m) based on an offer price of RMB3.05 per share.

ZPE said it does not plan to delist Ningbo Marine from the Shanghai Stock Exchange.

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