| Australian gov't approves China's Baosteel investment of Aquila |
| Monday,November 02,2009 Posted: 21:00 BJT(00 GMT) |
| From:Xinhua News Article type:Reproduced |
CANBERRA, Oct. 30 (Xinhua) -- Australia's Foreign Investment Review Board (FIRB) on Friday approved the acquisition by China's largest steel maker of up to 19.99 percent of coal miner and iron ore explorer Aquila Resources. The Australian government has given the green light for the 285 million Australian dollars (260 millions U.S. dollars) transaction. The final hurdle to be cleared is approval by Chinese regulators after Aquila shareholders voted in favor of the proposed deal at the company's general meeting in Perth on Wednesday. "Whilst the proposed issue of shares to Baosteel by the company is for 15 percent of the expanded issued share capital of the company, Baosteel has FIRB approval to acquire up to 19.99 percent," Aquila said. "Subject to receipt of relevant Chinese regulatory approvals which have been sought by Baosteel, the company anticipates completion of the transaction in the latter half of November." The deal is Baosteel's first major international strategic investment in a public company and secures it a long-term supply of raw materials. "Aquila looks forward to working closely with Baosteel and to fast tracking the company's significant coal, iron ore and manganese projects," Aquila said. Under the terms of the deal, announced on August 28, Baosteel has agreed to assist Aquila in sourcing low cost financing from Chinese institutions to underpin development of its projects. |
| (Source: English Site of Bulgaria) |
 | China probably not to extend favorable measures in property sector 2009-11-02 20:41 |
| China launches funds to back high-tech sectors 2009-11-01 20:45 |
| China approves feasibility report on delta bridge 2009-10-30 20:47 |
| China spends 717 bln yuan for public projects by end of August 2009-10-29 20:48 |
| China industrial profit down 9.1% in first nine months 2009-10-28 20:49 |
| China's growth benefits Chile copper export: report 2009-10-27 23:22 |
| Highland barley-brewed beer from China's Tibet enters U.S. market 2009-10-27 23:22 |
| Chinese company, Nigerian ministry sign agreements on Abuja-Kaduna Railway 2009-10-27 23:21 |
| Chinese economy expected to grow 9% in Q3: Experts 2009-10-27 22:34 |
| Chinese entrepreneurs have stronger confidence in Q3 2009-10-27 22:28 |
All articles marked with "Article type: Original" posted on the website of the Ministry of Commerce and its sub-sites are copyrighted by this Website and its sub-sites. Any reproduction or use by any other websites, media or individuals must be attached with a clear indication of "Source: Ministry of Commerce Website".
All articles posted on this website or its sub-sites marked with "Article type: reproduced" or "Article type: translated" and "Article type: redistributed" come from other media, and are provided solely for the user's information, which does not mean this Website or its sub-sites endorse the ideas thereof or assume any legal liability or responsibility for their authenticity. Any other media, websites or individuals must maintain the source of information indication on this Website or its sub-sites when using the information, and shall assume legal liability for the use.
