Taiwan’s E United Group aims to merge Tang Eng Iron Works
Taiwan's E United Group sought to integrate the local stainless steel industry to form a united front and stand out in the international stainless steel market. In 2009, its proposal to merge with Tang Eng Iron Works failed during government review due to market monopoly concerns.
On July 29, E United Group brought the topic back to the table with a proposal, stating that it has become extremely difficult for Taiwanese stainless steel producers to operate alone in the international stainless steel market as major overseas manufacturers merge to strengthen their position.
If the government authority approves the merger, E United Group will acquire shares of Tang Eng Iron Works from the local stock market, targeting up to a 50% stake to operate the company.
E United Group currently holds approximately a 31% stake in Tang Eng Iron Works.
Tang Eng Iron Works stated that they have no insight into E United Group's intentions regarding the merger plan. Currently, China Steel Corporation and government-related entities hold approximately a 53% stake in Tang Eng Iron Works.
All market participants are monitoring the government's response to the merger request aimed at strengthening Taiwan's stainless steel industry.
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