China's Sinosteel extends offer for Midwest shares
China's Sinosteel extended its takeover offer for Australian iron ore miner Midwest for an extra week Friday.
By Agencies |
SYDNEY: China's Sinosteel extended its takeover offer for Australian iron ore miner Midwest for an extra week Friday, even though it has already acquired a controlling stake.
Midwest told the Australian stock exchange that Sinosteel extended its $1.36 billion (1.31 billion US) takeover until July 25.
The offer had been scheduled to close at 0800 GMT Friday. Sinosteel has already built up a 50.97 per cent stake in Midwest with its offer of 6.38 Australian dollars (6.19 US) per share.
Midwest told the Australian stock exchange that Sinosteel extended its $1.36 billion (1.31 billion US) takeover until July 25.
The offer had been scheduled to close at 0800 GMT Friday. Sinosteel has already built up a 50.97 per cent stake in Midwest with its offer of 6.38 Australian dollars (6.19 US) per share.
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