Automotive Holdings Group has confirmed the proposed $400 million sale of its refrigerated logistics business has fallen through after Chinese conglomerate HNA Group called off the deal due to liquidity issues and approval delays.
The board of Atlas Iron has unanimously recommended a revised bidder’s statement from Hancock Prospecting, while also announcing the suspension of production at its Mt Dove iron ore mine due to challenging market conditions.
Tanami Gold says it will exercise a put option forcing Northern Star Resources to buy a 15 per cent stake in the junior miner’s Central Tanami project for $20 million, after the Bill Beament-led company said it had not reached commercial production at the joint venture mine.
Automotive Holdings Group has revealed that the planned $400 million sale of its refrigerated logistics business to Chinese conglomerate HNA Group will not be completed by the specified June 30 deadline, with the company unsure whether a deal will be reached.
Three weeks after acquiring a strategic blocking stake in Atlas Iron, Fortescue Metals Group has for the first time confirmed that its main interest in the takeover target is the rights to develop new berths at Port Hedland.
Margaret River winery Vasse Felix is set to acquire the principal assets of Watershed Premium Wines, under a $20 million deal that allows Watershed’s cellar door and restaurant to continue operating under a two-year lease agreement.
The battle for Atlas Iron has taken another twist after Fortescue Metals Group submitted an application to the Takeovers Panel questioning the veracity of the $390 million takeover offer by Gina Rinehart’s Hancock Prospecting.
Perth investor Andrew Hopkins’ planned $508 million buyout of national panel beating business AMA Group has been cancelled after the group failed to get an expected ruling from the Australian Taxation Office.
Two local biotech companies have announced capital raisings today, with Botanix Pharmaceuticals tapping investors for $8 million, while Roto-Gro International has boosted its coffers with a $4.5 million raising.