chinese-investments-in-australia-make-progress

Chinese investments in Australia make progress

Valin's investment in Fortescue is approved, paving the way for the Chinalco-Rio Tinto deal, while Minmetals prepares a revised proposal to take over Oz Minerals.

The Australian government yesterday approved the acquisition of a 17.4% stake in Fortescue Metals Group by Chinese steel maker Hunan Valin Iron and Steel Group Company. Meanwhile, Oz Minerals announced that China Minmetals will shortly table a revised proposal to acquire most of its assets.

While announcing the approval for Valin under the Foreign Acquisitions and Takeovers Act FATA, Australian treasurer Wayne Swan also outlined the conditions that the approval is subject to and which Valin and Fortescue are both bound by.

Valin is permitted to own a maximum of 17.55% of Fortescue. The Valin nominee on the board of Fortescue will have to declare upfront any potential conflict of interest relating to Fortescue's...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222