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Goldleaf Jewelry to Acquire ERG Resources

Feb 18, 2014 8:47 AM   By Jeff Miller
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RAPAPORT... Beijing-based Goldleaf Jewelry Co. plans to acquire a 95 percent stake in  privately owned ERG Resources LLC for approximately $665 million in an attempt to diversify its holdings.

Shares in Goldleaf Jewelry surged 10 percent today to a 52-week high of CNY 15.15, or about $2.50, on the Shenzhen Stock Exchange.

Goldleaf Jewelry expects to raise nearly $940 million (CNY 5.7 billion) to fund the deal through a private placement, which will be offered to no more than 10 investors.

ERG Resources owns oil and gas operations in California and onshore fields along the Gulf Coast.

Tags: China, diversification, financial news, gas, goldleaf jewelry, Jeff Miller, oil
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