No new info on share raid: Cape Lambert

Cape Lambert Iron Ore Ltd said it has no new information to offer following its meeting with representatives of Merrill Lynch and Russian steelmaker Evraz Group S.A, which is believed to have taken a 16 per cent stake in the WA company.

The Leederville-based Cape Lambert today confirmed a meeting in Singapore had taken place overnight but so far no information from the discussions was needed to be advised to shareholders at this time

Additionally, Cape Lambert issued an initial substantial shareholder notice to the market after close showing Evraz now holds a 19 per cent stake in the company, up from yesterday's 16 per cent shareholding which was held under Merrill Lynch's name.

In today's notice, Evraz's shareholding also include 12 million Delong Holdings Ltd shares, a company the steelmaker is in the process of acquiring.

Media speculation suggests Evraz could launch a takeover bid for Cape Lambert which could derail the $400 million sale of the company's project to China Metallurgical Group Corporation.

The sale rests on shareholder approval with a meeting scheduled for later this month.