After launching an AUD1.2 billion hostile takeover bid at AUD5.60 per share for Australian mining company Midwest Corp., Sinosteel submitted a purchaser statement to Australia's securities regulatory commission, listing reasons why Midwest investors should accept the bid.
However, Midwest yesterday said that the timing of Sinosteel's bid was speculative and does not realize the bright outlook for iron ore miners.
Midwest said Sinosteel submitted its offer before the conclusion of iron ore price negations, the results of which are likely to push up share prices of iron ore companies. It advised its shareholders to take no action before the company prepares a formal reply to Sinosteel's proposal.
For more details, please read the full story in Chinese?(http://www.stockinfo.com.cn/paper%5Fnew/html/2008-04/08/content_61042842.htm).
(China.org.cn April 8, 2008)
