GUANGZHOU, China - Henan Billions has successfully acquired a 100-percent equity stake in rival Chinese titanium dioxide producer Lomon for $1.47 billion (RMB9 billion). The deal will make Henan Billions the largest TiO2 manufacturer in Asia and the fourth largest worldwide.
The company financed the deal by issuing 380 million shares through a non-public offering. The shares were valued at $4.41 (RMB27) per share.