Sundance says takeover of company on track
- Publishing Date
- 11 Oct 2011 11:00am GMT
- Author
- Mining Journal
Sundance Resources Ltd has confirmed that the proposed takeover of the company by China’s Hanlong Mining Investment Ltd remains on schedule for approval by Australia’s Foreign Investment Review Board (FIRB).
The iron ore developer said Hanlong had informed the company that it was continuing “to work productively” with FIRB on its application and expected to receive a decision within the takeover timetable.
Sundance reassured the market in response to media reports that suggested FIRB would reject the proposal owing to last month’s allegations of insider trading against Hanlong executives.
The company said: “Hanlong has informed Sundance that ASIC’s (Australian Securities & Investments Commission) investigation focuses on the individuals, not Hanlong.”
Last week the board of Sundance unanimously recommended an increased offer from Hanlong that valued the entire company at A$1.65 billion (US$1.6 billion).
The iron ore developer said Hanlong had informed the company that it was continuing “to work productively” with FIRB on its application and expected to receive a decision within the takeover timetable.
Sundance reassured the market in response to media reports that suggested FIRB would reject the proposal owing to last month’s allegations of insider trading against Hanlong executives.
The company said: “Hanlong has informed Sundance that ASIC’s (Australian Securities & Investments Commission) investigation focuses on the individuals, not Hanlong.”
Last week the board of Sundance unanimously recommended an increased offer from Hanlong that valued the entire company at A$1.65 billion (US$1.6 billion).
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