China United Cement seeks acquisition loan

State-owned China United Cement Group Corp is seeking a CNY798m three-year loan for the acquisition of Daewoo Cement (Shandong) Co Ltd, a subsidiary of Daewoo International Corp, banking sources said.

Bloomberg reports that several banks, including Chinese and foreign, are looking at the deal that is said to offer a margin of 110 per cent of the People’s Bank of China rate, Reuters reports.