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Tangshan Sanyou Chemical Industries Unit Buys 31% Stake in Sanyou New Materials

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Tangshan Sanyou Chemical Industries (SHA:600409) 95%-owned subsidiary Sanyou Salt & Chemical will acquire a 31% stake in Sanyou New Materials from Daqinghe Salt & Chemical for 52.8 million yuan.

The acquisition will raise Sanyou Salt & Chemical's holding to 51% and consolidate the bromine producer, according to a Wednesday filing with the Shanghai bourse.

The move will extend Sanyou Salt & Chemical's chemical chain and reduce related-party deals.

Shares of the chemical company rose 4% Wednesday.

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