UPDATE 2-Shanghai Electric to buy out unit; shares soar

Newswire

(For an expanded IPO diary, please click ) (Adds quotes, details) By Charlie Zhu and Fang Yan SHANGHAI, Aug 31 (Reuters) - Shanghai Electric Group plans to buy out its mainland-listed unit and float itself in Shanghai in a US$390 million deal, becoming the latest Hong Kong-listed Chinese firm to return to the mainland bourse. Under the plan, Shanghai Electric would buy shares it does not already own in Shanghai Power Transmission & Distribution Co Ltd by issuing 616.04 million ...

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