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Sinosteel Australia is expected to acquire Midwest

    "The current Australian Steel Group held 58% stake in Midwest, the acquisition is expected to be completed in mid-September."

    It is understood that Australian Prime Minister Kevin Rudd to Beijing to watch the Olympic Games, has invited China Steel,booster cables China Minmetals Group and Australia "two extension" and other company executives held a luncheon, at which Mr Rudd said that Australia continue to encourage Chinese enterprises to foreign countries,battery clip especially to invest, the country will be equal for all approved.

    Late last month, has made the company a controlling interest in Midwest Steel Group, will offer 1.36 billion Australian dollars extended to at 17 o'clock on August 25. "To the August 25 offer may be even longer, because the equity settlement very complicated,tow rope these procedures are complete before the end of announced acquisitions." Huang Tianwen told reporters after the acquisition of Midwest steel companies will also restructuring of the Board of Directors.

    For western companies want to obtain a controlling stake of 100%, ratchet tie dowm Huang Tianwen denied. He said the acquisition was not intended to get 100% of the shares, only to the pursuit of a controlling stake, "of course, the more options on the right to speak to master the more help and would like to acquire more equity is still to extend the acquisition Part of the reason the offer period. "

    Midwest's shares currently focused on China Steel, China Steel's competitors after Murchison, hedge funds HarbingerCapital, and two directors of the company's hands, it is worth noting that, HarbingerCapital Murchison Fund is also one of the company's shareholders, holding 19.98% of the shares of the latter, it can be seen as a concerted action Murchison.

    Huang Tianwen that the central and western regions in Australia, if you compare the size of mine, size, quantity, quality, or the Midwest is currently the best, which is still to retain the Midwest Murchison shares the main reason.

    It is worth noting, 14, Midwest's stock price is 6.37 Australian dollars / share, has been lower than the purchase price of 6.38 Australian dollars in the steel / shares. And few days ago, the Midwest's share price has rushed 6.5 Australian dollars / share, so the current price of the steel is very beneficial to holders of tradable shares is expected from the hands of more shares.

    Earlier, media reports in the Midwest steel company in the completion of the acquisition may make the central and western companies delisting, Huang Tianwen said the delisting is still not considered the subject, but also to the acquisition of Midwest companies not to make this company private.

    Huang Tianwen told reporters in Australia, there are many mining companies in central and western regions, such as China Steel's competitors after Murchison.

    If you can acquire more companies in the region, the region will be more conducive to rational and efficient development of mineral resources. When conditions are ripe in the market, China Steel to continue to acquire other mineral resources do not rule out the possibility of companies.

    In fact, the steel has been planned for this potential first step, the company has Australia's Foreign Investment Review Board ("FIRB") to apply, the company acquired a controlling stake in Murchison, "Murchison has repeatedly expressed itself with the Steel willingness to cooperate. "Currently, China Steel Corporation already holds 2.4% stake in Murchison.

    FIRB has not approved the project. The Australian Government has signed on the matter a "temporary order" and said it would decide whether to approve within 90 days.

    At present, Chinese enterprises to develop mineral resources in Australia, the action is in full swing, many are stuck in the FIRB's approval procedures. A senior national mining company told this reporter that in the acquisition of Midwest Steel's project was approved after the passage of the Australian side, including China Steel, Shougang, Angang, including a number of investment projects of Chinese enterprises still have been subject to FIRB, often wait until the last few days deadline for approval was only required to submit application materials to add.

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