Sinosteel quiet on Midwest deadline

Sinosteel Corp's holding in takeover target Midwest Corporation Ltd has crept up to 54 per cent while it stays quiet on whether it will extend its takeover deadline, due to expire tomorrow.

The Chinese steelmaker today notified the stock market that its interest in Midwest is currently at 54.01 per cent, up from 52.52 per cent.

The slight increase is dwarfed by this week's share raids by US investment firm Harbinger Capital, which boosted its stake in Midwest from 9.1 per cent to 15.09 per cent.

Sinosteel is currently offering $6.38 cash for each Midwest share.

The Chinese steelmaker is not expected to gain full control of Midwest with Murchison Metals Ltd vowing to not accept the Chinese steelmaker's offer with its 10 per cent holding.

It is also unclear whether Midwest directors David Dato Law and Datuk Roger Tan, who together hold 13.1 per cent in Midwest, will accept Sinosteel's offer.