Sinosteel Corporation submitted an acquisition notification to the Australian iron ore manufacturer Midwest Corporation Monday, reaffirming a price of 5.6 Australian dollars per share cash offer for all Midwest's shares.
Midwest CEO Bryan Oliver has previously said he would consider an offer over 7 Australian dollars per share.
Midwest would be valued at 1.2 billion Australian dollars based on Sinosteel's offer of 5.6 Australian dollars per share. As a holder of 19.89 percent shares of Midwest, Sinosteel needs a further 954 million Australian dollars to complete the purchase. The Export-Import Bank of China will provide financing and JPMorgan Chase is acting as financial consultant to Sinosteel.
For more details, please read the full story in Chinese (http://www.caijing.com.cn/todayspecx/business/2008-03-31/54721.shtml).
(China.org.cn April 1, 2008)
