midwest

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

Sinosteel increases its ownership in the Australian iron ore company to 33.8%, as a fall in the local share market makes a competing takeover bid from Murchison less attractive.

The Chinese steelmaker refuses to enter a bidding war for the Australian mining company and instead questions the legality of a competing reverse merger proposal by Murchison.

Sinosteel's improved offer of $1.27 billion gains the support of Midwest's board but specialists says China will still have to be cautious when acquiring Australian companies.

ChinaÆs Sinosteel takes its $1.12 billion offer for the Australian mining company direct to shareholders in a deal that reflects China's hunger to secure raw materials.