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Aussies approve Baosteel鈥檚 Aquila deal
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THE Australian government has given the green light to Baosteel’s takeover bid for iron ore and coal miner Aquila Resources.
Earlier this month, Shanghai-based Baosteel, China’s biggest listed steelmaker, and Australian rail freight operator Aurizon Holdings submitted a joint bid for Aquila that values the company at A$1.4 billion (US$1.3 billion).
Yesterday’s approval from the Foreign Investment Review Board cleared the only regulatory hurdle for the transaction. Still, Baosteel and Aurizon Holdings need approval from more than half of Aquila’s shareholders.
Baosteel’s bid signals renewed appetite by Chinese investors in global mining takeovers and could potentially open up a new iron ore export region in Australia for Asian steelmakers.
“We are extremely pleased that FIRB conditions for this transaction have been fulfilled, which further reduces the already limited conditionality associated with the offer,” said Dai Zhihao, chairman of Baosteel Resources International. “Baosteel believes the transaction, if successful, provides a genuine opportunity for the development of greenfield resources for the benefit of both Australia and China.”
Aquila has yet to make any formal recommendation to its shareholders. It has advised shareholders to take no action, pending an independent review of the offer.
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