Aurizon, Baosteel to acquire Aquila after raising stake

  • Thursday, July 10, 2014
  • Source:ferro-alloys.com

  • Keywords:iron Aurizon Baosteel Aquila
[Fellow]Chinese steel giant Baosteel Resources and Australian rail operator Aurizon Holdings Ltd (AZJ.AX) said on Wednesday they will make a compulsory acquisition of Aquila Resources Ltd (AQA.AX) after raising their joint stake to over 90 percent. The two companie...

 

(Reuters) - Chinese steel giant Baosteel Resources and Australian rail operator Aurizon Holdings Ltd (AZJ.AX) said on Wednesday they will make a compulsory acquisition of Aquila Resources Ltd (AQA.AX) after raising their joint stake to over 90 percent.

The two companies recommended in a joint statement that investors accept the offer "as soon as possible." The offer closes on July 25.

Aquila last month advised shareholders to accept the takeover offer led by Baosteel valuing the company at $1.3 billion, a surprise move after Aquila rejected a higher rival bid.

Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!
  • [Editor:Juan]

Related News

·Australian Nickel Projects on Sale07-09
·Stanford Advanced Materials Launches Polymer Tungsten In Response ...07-09
·Colt Resources reports Promising New Discovery at its Tabuaço Tung...07-09
·Australia can Create More Value from Titanium Ore Says CSIRO Exper...07-09
·Copper Rises to $7,153 per Tonne on Promising Economic Data07-09

Tell Us What You Think

please login!   login   register

  • Buy & Sell

 
Please be logged in to comment!