China Steel Group refused to raise bid for Australian iron ore producer of City News _ _ _ Sina Sina Financial
Posted on May-31-2008· by china investor
After each reporter Hao Zhiwei
According to the Financial Times reported on the 29th, the desire to acquire Australia's central and western China Steel Group ruled out the possibility of increased pricing, maintenance had 1.36 billion Australian dollars (about 1.3 billion U.S. dollars) cash offer. Analysts believe that doing so iron ore production to the central and western companies and local competitors Murchison Metals Group of the road to the merger more clearly.
Earlier, the central and western China Steel Company Group has refused to 5.6 Australian dollars / share offer, so in the steel price increase to 6.38 Australian dollars / share, and won the Midwest board's recommendation. But this week, Murchison suddenly Shachu, to a total 1.65 billion Australian dollars, equivalent to 7.74 Australian dollars / share offer, far more than in steel pricing. Shares of the Midwest this week at 7.03 Australian dollars, but also in the Steel Group's bid dwarfs. If successful merger of two Australian companies, as shareholders of the central and western regions, China Steel's 20 percent stake will drop to 10 percent. chinainvestor:本版contents of the article was supplied by MarketWatch, does not constitute investment advice. Investors this operation, own risk.
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