When The Bailout Fails

Bloomberg: West China Cement Plunges by Record as $363 Million Wiped Out
West China Cement Ltd. tumbled by a record in Hong Kong in late trading amid speculation a planned acquisition by Anhui Conch Cement Ltd. will run into difficulty.

West China Cement dropped as much as 46 percent before paring its decline to 33 percent at the close, the most since the shares first traded in August 2010 and wiping out HK$2.8 billion ($363 million) of value. Volume was more than 11 times higher than average. The stock was little changed for most of the day before it start to tumble after 3:10 p.m.

No comments:

Post a Comment