24/06/2008 - 14:07

Sinosteel opposes Midwest merger

24/06/2008 - 14:07

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Sinosteel has today re-confirmed its opposition to the merger between takeover target Midwest Corporation Ltd and Murchison Metals Ltd.

Sinosteel has today re-confirmed its opposition to the merger between takeover target Midwest Corporation Ltd and Murchison Metals Ltd.

The Chinese steelmaker said it remained opposed to the terms of the proposed merger as it lodged its ninth supplementary.

The company said that in the event that both parties were to further pursue the merger proposal, it expected Midwest to seek shareholder approval before any commitment ot the merger.

Sinosteel holds a near 44 per cent stake in Midwest.

The Chinese company also welcomed yesterday's decision by the Takeovers Panel which ruled that Harbinger Capital Partners not will be allowed to vote with its 4.27 per cent interest in takeover target Midwest while Sinosteel's offer is active.

The Panel found Harbinger had bought the 4.27 per cent stake in Midwest without giving notice to the Foreign Acquisitions and Takeovers Act.

Sinosteel is offering $6.38 cash for each Midwest share, and the offer is set to close on July 18.

 

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