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Aurizon, Baosteel to acquire Aquila after raising stake

  • Thursday, July 10, 2014
  • Source:ferro-alloys.com

  • Keywords:iron Aurizon Baosteel Aquila
[Fellow]Chinese steel giant Baosteel Resources and Australian rail operator Aurizon Holdings Ltd (AZJ.AX) said on Wednesday they will make a compulsory acquisition of Aquila Resources Ltd (AQA.AX) after raising their joint stake to over 90 percent. The two companie...

 

(Reuters) - Chinese steel giant Baosteel Resources and Australian rail operator Aurizon Holdings Ltd (AZJ.AX) said on Wednesday they will make a compulsory acquisition of Aquila Resources Ltd (AQA.AX) after raising their joint stake to over 90 percent.

The two companies recommended in a joint statement that investors accept the offer "as soon as possible." The offer closes on July 25.

Aquila last month advised shareholders to accept the takeover offer led by Baosteel valuing the company at $1.3 billion, a surprise move after Aquila rejected a higher rival bid.

  • [Editor:Juan]

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