Chinese Win Control of Iron Ore Miner
The Chinese Government-backed firm Sinosteel has won control of West Australian iron ore miner, Midwest. From ABC News, Australia.
The steelmaker has told the Australian Stock Exchange it now owns 50.97 per cent of Midwest shares.
Sinosteel is offering Midwest shareholders $6.38 a share, valuing Midwest at $1.63 billion.
Last week, WA miner Murchison Metals abandoned its rival bid for Midwest, but says it will not relinquish its 10 per cent stake in the company to Sinosteel.