Baosteel and Aurizon gain upper hand as Aquila rejects competing bid

A consortium led by China's Baosteel moves closer to acquiring Aquila Resources (AQARF) after rival Mineral Resources Ltd. abandoned plans to make an offer valuing the Australian iron ore miner at A$1.54B (US$1.44B).

Aquila directors urged shareholders to accept a cash offer from Baosteel and Australia's Aurizon Holdings (QRNNF) of A$3.40/share after talks with Mineral Resources collapsed; Aquila's executive chairman and co-founder says he intends to vote his 28.9% stake in favor of their bid.

A takeover by Baosteel, which will own as much as 85% of Aquila if successful, would unlock new iron ore supply for its steel kilns in China.

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs