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China Railway Construction denies a 15% stake in Inter Milan

Aug. 3, 2012 (China Knowledge) - China Railway Construction Corp Ltd or CRCC<601186><1186>, a leading state-owned construction company in the country, issued a statement denying reports that it has agreed to buy a 15% stake in Inter Milan club, a famous Italian football team.

Rumors said the China Railway Construction Corp will buy a 15% stake in the company with contractual value of about EUR 500 million and to become Inter Milan's second largest shareholder.

The company said in a statement files with the Shanghai Stock Exchange that the investment consortium mentioned in Inter Milan's official website does not include the company and any holding or joint-stock companies of China Railway Construction Corp.

Meanwhile, the Chinese company said that its subsidiary, China Railway 15th Bureau Group Co Ltd, is negotiating with Intel Milan club to construct a new stadium for the team.

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