20150623-高华证券-安徽海螺水泥股份（0914）：STAKE_IN_WCC_LIKELY_TO_CEMENT_LEADERSHIP_IN_NORTHWEST_CHINA-851232

Anhui Conch Cement announced that its wholly-owned subsidiary Conch International will acquire 16.7% of the enlarged equity of West China Cement（2233 HK，Not Covered）for a consideration of HK$1，527mn.The implied EV/t is Rmb355/t，compared with Conch’s 2015E EV/t of Rmb492/t.