Subscribe free to our newsletters via your
. Earth Science News .

Australia's Sundance accepts revised Hanlong offer
by Staff Writers
Sydney (AFP) Aug 27, 2012

Australian iron ore company Sundance Resources said Monday it had accepted a revised takeover offer from China's Hanlong in a deal worth about Aus$1.4 billion (US$1.45 billion).

Sundance said it had accepted Hanlong's proposal to acquire 100 percent of the company for 45 cents per share -- down from the recommended 57 cents offer of 2011 -- due to changes in financial markets.

Shareholders will now determine whether the proposed offer by Chinese suitor Sichuan Hanlong Group will proceed after China's National Development and Reform Commission (NDRC) granted provisional approval earlier this month.

"The board believes that the revised offer is worthy of putting to shareholders in light of several key considerations," Sundance chairman George Jones said.

"These include the requirements expressed in the NDRC provisional approval and the change in financial markets since the original agreement was struck in October 2011."

The requirements in the NDRD approval included a reasonable acquisition price and Hanlong, which already holds about 18 percent of Sundance shares, securing equity and debt funding from relevant banks.

Jones said the company had considered the current Sundance share price, feedback from shareholders, and the opportunity that the revised offer allows Sundance to seek alternative offers, in making its decision.

Shares in Sundance, which were last above 44 cents in mid-May, were trading early Monday at 35 cents.

Sundance said the board had concluded that the revised scheme was "currently in the best interests of shareholders" and recommended the Hanlong proposal in the absence of a better offer.

Hanlong wants Sundance for its Mbalam iron ore project on the border of the Congo and Cameroon in western Africa.


Related Links
Surviving the Pits

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

China's Yancoal Australia reviews expansion plans
Sydney (AFP) Aug 20, 2012
China-backed Yancoal Australia said Monday it has put expansion plans at all seven of its mines under review to keep costs down as weaker demand from key north Asian importers weighs on coal prices. "Yancoal is considering all options to reduce costs," it said in a shareholder presentation. "Expansion plans across all mines will be reviewed and ranked to ensure that the appropriate capit ... read more

Green Climate Fund to hold next meeting in South Korea

Tanker-bus crash inferno kills 36 in China

China bridge collapse kills three

Haiti demolishes quake-ruined presidential palace

Is This Real or Just Fantasy? ONR Augmented-Reality Initiative Progresses

SciTechTalk: Tablets: Does size matter?

US braces for holiday clash of tech giants

Apple scores huge win over Samsung in patent case

Isaac rains boost Cuba water reserves

Finland leads major counter-pollution drill in Baltic Sea

Sea life 'facing major shock'

U OF A expert pinpoints nutrient behind fresh water algae blooms

Arctic ice melts to record low: US researchers

New climate history adds to understanding of recent Antarctic Peninsula warming

Greenpeace raids Russian Arctic oil platform

Google online maps embark on Arctic adventure

Access to water key for food security: FAO chief

Underground solution to starving rice plants

Good news for banana lovers: Help may be on the way to slow that rapid over-ripening

Soybeans Susceptible to Man-Made Materials in Soil

Floods kill 10, displace 20,000 in Nigeria after dam opened

7.3 quake off El Salvador, no injuries or damage

Flooding kills 11, displaces hundreds in northern Nigeria

Isaac hammers Haiti, delays US Republican convention

U.S. AFRICOM wants more guard partnerships

South Sudan's military chief Paulino Matip dies

Kenyan, Ugandan troops battle al-Shabaab

S.Africa police say mine killings were self-defence; 34 dead

Man mistakes son for monkey, shoots him dead

More Clues About Why Chimps and Humans Are Genetically Different

More sophisticated wiring, not just bigger brain, helped humans evolve beyond chimps

Once again with feeling: Australian science tugs heart-strings

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - 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