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.