by Staff Writers
Sydney (AFP) Aug 2, 2012
Australia's Sundance Resources Thursday said regulators in Beijing have given the go-ahead to a proposed Aus$1.65 billion (US$1.65 billion) takever by Chinese suitor Sichuan Hanlong Group.
In a statement to the Australian stock exchange, the iron ore explorer said China's National Development and Reform Commission (NDRC) had stipulated a number of conditions.
They include a reasonable acquisition price and Hanlong, which already holds about 18 percent of Sundance shares, securing equity and debt funding from relevant banks.
Sundance shares have been suspended this week amid reports that Hanlong had lowered its offer and the companies said they were in discussions about the "reasonable acquisition price".
Hanlong wants Sundance for its Mbalam iron ore project on the border of the Congo and Cameroon in western Africa.
"The NDRC decision is encouraging news for the people of the Republic of Cameroon and Republic of Congo, who stand to benefit enormously from the development of the Mbalam project," said Sundance chairman George Jones.
The Australian Foreign Investment Review Board said it had no objection to the proposed acquisition in June.
The approval came despite several former Hanlong executives being probed by Australia's corporate watchdog on claims of insider dealing related to the deal for Sundance, as well as uranium explorer Bannerman.
On Tuesday, a former vice president of Hanlong Mining Calvin Zhu pleaded guilty in an Australian court to three charges of insider trading, some of them relating to his time at the Chinese company.
Global Trade News
Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.
Big cash stockpile puts US tech firms on the spot
Washington (AFP) Aug 1, 2012
Apple has more than $81 billion parked overseas. Microsoft has $54 billion, Google $43 billion and Cisco $42 billion. Being flush with cash is a good thing, but it also poses a public relations problem for US technology giants amid an election year debate about economic patriotism. Some say the shifting of profits overseas is a huge tax avoidance scheme, and that loopholes should be clos ... read more
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|