Shanghai Municipal Commission of Commerce has agreed in principal to the Shanghai Friendship Group's plan to merge with Shanghai Bailian Group.

According to the restructuring plan, Shanghai Friendship will buy 36 percent of Shanghai Nextage Department Store and 100 percent of Bailian Investment Group through a private placement valued at 4.7 billion yuan (US$705 million).

Shanghai Friendship will also exchange 0.861 of its shares for each of Shanghai Bailian's shares.

Shanghai Bailian will be delisted from the Shanghai Stock Exchange after the share swap.

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