November 17 -- Hebei Iron And Steel (000709.SZ) intends to raise up to 16.9 billion yuan from an additional share offering of a maximum of 3.8 billion shares at 4.28 yuan per share in order to fully acquire Hanbao Steel from Handan Iron and Steel Group, reports 163.com, citing a company filing.

Controlling shareholder Hebei Iron and Steel Group and its subsidiaries will subscribe to no less than 50 percent of the share offering.

According to Hebei Steel, the acquisition will improve the company’s competitiveness and reduce horizontal competition.