Chinese power cord gov't approves Baosteel, Aquila deal

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Chinese gov't approves Baosteel, Aquila dealPublished: 17 Nov 2009 21:02:01 PST<p class="authorInfor"]</p]<p style="text-align: center"]</p]
Australian mining company Aquila Resources Ltd. announced Tuesday the cooperation agreement between Baoshan Iron &amp; Steel Co., Ltd. (Baosteel), China's largest steelmaker, and Aquila has been approved by the Chinese government.</p]
The two companies signed a cooperative agreement for Baosteel to invest A$285.6 million in Aquila for a 15 percent stake of the company on August 28, but the first application was refused by Australia's Foreign Investment Review Board (FIRB). It wasn't until October 30 that the FIRB gave green light to the deal and also agreed that Baosteel's stake in the Australian mining company can increase to a maximum of 19.9 percent.</p]
According to the agreement, Baosteel will subscribe to 43.95 million shares of Aquila at a unit price of A$6.50 per share.</p]
The deal is expected to be completed in five working days, after which Baosteel will become the second-largest shareholder of Aquila. A Baosteel shareholder will join the board of directors of Aquila.</p]
After the agreement, Baosteel will help Aquila gain access to low-cost financing from Chinese financial institutions for the latter's projects in the Pilbara region in north western Australia, which is very significant for this growing resources enterprise.</p]
Baosteel said it is a win-win deal, signaling China's largest steelmaker is entering the international market.</p]
Aquila Resources Ltd., with its headquarters in Perth, Western Australia, has major projects in coal, iron ore, and manganese in Queensland, Western Australia and South Africa.</p]
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