SPECIAL REPORT: Mitsui & Company, Shell and Itochu Corporation are among a swag of businesses that have made substantial investments in the state’s exporting industries over the decades, showing that foreign investors can contribute without directly operating assets.
Shares in Brockman Resources were higher after the company signed a non-binding agreement with China's Sinosteel for the purchase of ore from Marillana ore project in the Pilbara, and possible investment opportunities.
Two major shareholders in Western Australian iron ore miner Midwest Corporation Ltd have accepted the takeover offer from Chinese steelmaker Sinosteel, giving the bidder more than 82 per cent acceptances of its bid.
Chinese company Sinosteel Corporation has today emerged with a 70.2 per cent holding in takeover target Midwest Corporation Ltd following yesterday's surprise acceptance by former suitor Murchison Metals Ltd.
Following Chinese steel company Sinosteel's announcement that it had secured majority control in iron ore miner Midwest Corporation last week, questions have been raised regarding the potential of future acquisitions of WA mining companies.
The Takeovers Panel has ruled that Harbinger Capital Partners will not be allowed to vote with its 4.27 per cent interest in takeover target Midwest Corporation Ltd while a bid by Chinese steelmaker Sinosteel is active.
Chinese steel making giant Sinosteel has indicated it may not support the proposed merger between takeover target Midwest Corporation Ltd and Murchison Metals Ltd as questions are raised over the latter's asset quality.
The takeover saga surrounding Midwest Corporation Ltd has taken another turn today as Chinese bidder Sinosteel seeks orders from the Takeovers Panel to prevent Murchison Metals Ltd and US company Harbinger capital from acquiring any more shares.
China's Sinosteel has turned up the heat on its takeover target Midwest Corporation Ltd which today announced it was withdrawing a potentially lucrative proposal to grant options to its non executive directors.
Chinese steelmaker Sinosteel is proposing a cash takeover offer for iron ore miner Midwest Corporation Ltd that values the target at $5.60 per share, well above Murchison Metals Ltd's floundering scrip offer.
The door to billions of investment dollars from China’s second largest iron ore trader, Sinosteel Corp, is open to Western Australian miners and explorers as the company’s quest to secure long-term supplies gathers momentum.