Jinan Iron & Steel Co. Ltd. agreed to acquire Laiwu Steel Corporation from Laiwu Iron & Steel Group Company Limited and other shareholders for CNY 9.2 billion in stock on December 12, 2010. Under the terms of the agreement, Jinan Iron & Steel will issue 2.43 shares of Jinan Iron & Steel for every share of Laiwu Steel. As a result of the deal, Jinan Iron and Steel Co. will be renamed to Shandong Iron and Steel Co. After completing the merger, Laiwu Steel's legal person qualification will be canceled and all the assets, liabilities, rights and interests, businesses and personnel of Laiwu Steel will be merged into the Jinan Iron & Steel. Shandong State-owned Assets Investment Holdings Co., Ltd. will provide the purchase claim for the Jinan Iron & Steel's dissenting shareholders (with the cash consideration of CNY 3.95 per share) and the cash option for Laiwu Steel's dissenting shareholders (with the cash consideration of CNY 8.90 per share). After the completion of the transaction, Shandong Iron & Steel Group will hold a total of 4.8 billion shares of Jinan Iron & Steel, with the shareholding proportion of 75.83%. A shareholder meeting of Jinan Iron & Steel Co and Laiwu Steel Corporation will be held on December 31, 2010, to discuss the transaction. The Board of Jinan Iron & Steel Co and Laiwu Steel Corporation had resolved the transaction. On December 31, 2010, shareholders of Laiwu Steel rejected the transaction and shareholders of Jinan Iron & Steel approved the transaction. In a related transaction, Jinan Iron & Steel Co. Ltd. agreed to acquire Laiwu Iron & Steel Group Company Limited from Shandong Iron and Steel Group Co., Ltd. and other shareholders for CNY 2.6 billion in stock on December 12, 2010. The deal is resolved by the Board of Jinan Iron & Steel on December 12, 2010. As of April 12, 2011, the deal is approved by the Board of Laiwu Steel Corporation. The deal is still subject to customary closing conditions and regulatory approval. As of May 18, 2011, the deal is approved by the shareholders of Laiwu Steel Corporation. As of November 14, 2011, Securities Regulatory Commission approved the transaction. Grandall Legal Group acted as legal advisor to Jinan Iron and Steel Company and Tian yuan Law Firm acted as legal advisor to Laiwu Steel. The transaction is subject to approval of Review Sub-Committee for Mergers, Acquisitions and Restructurings of Listed Companies of China Securities Regulatory Commission. As of June 24, 2011, the shareswap ratio has been reduced to 2.41 from 2.43. Jinan Iron & Steel will now issue 2.41 shares of Jinan Iron & Steel for every share of Laiwu Steel. China International Capital Corp acted as the financial advisor for Jinan Iron & Steel. China Merchants Securities acted as financial advisor for Laiwu Steel Corporation. Jinan Iron & Steel Co. Ltd. completed the acquisition of Laiwu Steel Corporation from Laiwu Iron & Steel Group Company Limited and other shareholders on February 8, 2012.