(Yicai Global) Jan. 22 -- Guangzhou-based commodity giant Cedar Holdings signed an acquisition agreement with UK steel trader Stemcor during the World Economic Forum held in Davos, Switzerland, Xinhua News Agency reported today.

The Chinese group paid about USD150 million to acquire all of Stemcor, one of the world's biggest steel dealers, according to the Financial Times. US private equity group Apollo Global Management is the London-based company's largest shareholder, Reuters reported.

Formed in 1997, Cedar Holdings ranked 301st in the Fortune Global 500 list of 2019 as China's leading commodity trader. The purchase of Stemcor, which was founded in 1951, will help the company increase its market share in the ferrous metal industry, Cedar Holdings Chairman Zhang Jin said.

Editor: Ben Armour