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Article: China : Baosteel can buy Aquila stake.
- Article from:
- TendersInfo
- Article date:
- November 2, 2009
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Byline: rakshali03
Like we keep saying, China needs resources, and Australia needs revenue. So despite any political strains, Baosteel Group Corp. will be allowed to buy up to a 19.9% stake in Aquila Resources Ltd. for A$285 million ($258 million), says Australia's Foreign Investment Review Board. The Chinese steel-producing giant will put vice president Dai Zhihao on the board of Aquila, an iron ore and coal company in Perth, Australia. The deal still requires Chinese regulatory approval.
Earlier this week, The Deal Pipeline (subscription required) shows China's Yanzhou Coal Mining Co. Ltd. won approval from the Australian government for its A$3.5 ...