SWF Radar Sinosteel

The Australian reports that, “Sinosteel will compulsorily acquire takeover target Midwest and move to de-list it from the Australian exchange.”

AAP reports that, “[Australian] Federal Treasurer Wayne Swan today approved Chinese steel making giant Sinosteel Corporation’s application to acquire up to 49.9 per cent of West Australian iron ore miner Murchison Metals.”

The Australian reports that, “Sinosteel is set to gain 100 per cent of iron ore miner Midwest after US investor Philip Falcone agreed to the $224 million sale of his shares into the Chinese company’s hostile bid.”

ABC News reports that, “Iron ore firm Murchison Metals has sold its 9 per cent stake in rival West Australian iron ore miner Midwest to China’s Sinosteel.”

The Australian reports that, “The Chinese have moved to buy into Australia’s booming uranium industry, with steelmaker Sinosteel yesterday applying to develop a $160 million mine in the South Australian outback, posing a further challenge to foreign investment controls.”

The Australian writes that, “Chinese investment in Australian resources is like a political chess game, full of subtle moves and counter-moves for a long-term strategic play.”

Thomson Reuters reports that, “Chinese state-owned commodities trading house Sinosteel has extended its offer for shares in Australian iron ore prospector Midwest Corp by a month to Aug. 25, it said in a regulatory filing on Friday.”

The Wall Street Journal reports that, “China’s Sinosteel Corp. won control of Australian mining concern Midwest Corp. by securing over 50% shareholding in the firm, according to people familiar with the situation, marking the first successful hostile bid by a Chinese company.”

The Australian writes that, “Murchison Metals is playing a dangerous game in threatening not to accept Sinosteel’s takeover bid for Midwest, now that the Chinese group is assured of moving to outright majority ownership and control of the iron ore hopeful.”

The Australian reports that, “Sinosteel is within reach of controlling iron ore miner Midwest in the China corporation’s first hostile takeover after a number of the target’s directors said they would sell their stake to the steelmaker.”