China Deal for Australian Miner

At the end of March, China’s initial bid for the Australian mining company OZ Minerals was rejected. However, a renegotiated deal has reopened possibilities for the acquisition by China Minmetals Corporation. From BBC News:

The renegotiated deal worth $1.2bn (£0.84bn) should satisfy security concerns raised by the original offer.

The deal would help rescue the world’s second-biggest zinc miner from its debt crisis and secure its future.

[…]The Oz Minerals takeover still requires regulatory and shareholder approval.

The Australian government rejected Minmetal’s $1.7bn bid last week because one of Oz Minerals’ key mines was located near a weapons-testing range in the outback.

April 1, 2009 1:37 PM
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