Russia's Evraz Group is not backing out of its planned takeover of Chinese steel trader and producer Delong Holdings Ltd, but it will be seeking a lower price for the asset, Alexander Abramov, the Russian steel major's board chairman, told the Vedomosti newspaper on January 20. "Yes, [Evraz will be increasing its stake in Delong, if it obtains Chinese regulatory approval], but we'll be negotiating a different price," Abramov told the paper. "Why should we pay more than we have to? Don't expect us to do anything irrational. We're greedy in this sense, but reasonably so," he said.
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