sinosteel-reaches-51-shareholding-in-midwest

Sinosteel reaches 51% shareholding in Midwest

Sinosteel's $1.32 billion takeover of Midwest succeeds, earning healthy fees for advisers Morgan Stanley and JPMorgan.

By Sameera Anand

July 13, 2008

SinosteelÆs strategy to stay the course in its acquisition of Midwest has paid off, resulting in the first ever successful hostile takeover by a Chinese company in Australia. Sell-side adviser Morgan Stanley and buy-side adviser JPMorgan stand to benefit handsomely.

The Chinese steelmaker on Friday informed the Australian Securities Exchange that it has cornered 50.97% of Australian mining and exploration firm Midwest's outstanding shares, meaning its A$1.36 billion $1.32 billion takeover attempt will succeed.

SinosteelÆs latest announcement marks closure to a saga which has been ongoing since the fourth quarter of 2007. The Chinese state-owned enterprise SOE initially came to the table as a white knight after mining and infrastructure company Murchison Metals made...

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