HONG KONG: Shares in struggling West China Cement plunged more than 30 percent on Monday after a much-needed merger deal with the country’s largest cement maker collapsed last week.

Major rival Anhui Conch Cement offered nearly $600 million for a controlling stake in the firm late last year, but China’s commerce authorities failed to approve it by the June 30 deadline, scuttling the deal, Anhui Conch said on its website Thursday.

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