Yanzhou Coal says resubmits Felix bid approval
SYDNEY, Sept 14 |
SYDNEY, Sept 14 (Reuters) - China's Yanzhou Coal (1171.HK) has resubmitted its application for Australian government approval for its roughly $3 billion bid for coal miner Felix Resources Ltd FLX.AX, Yanzhou said.
In a statement on its Website, Yanzhou said the resubmission to Australia's Foreign Investment Review Board (FIRB) was aimed at facilitating the approval process.
"Yanzhou Coal has been communicating, and continues to communicate, with the relevant regulatory authorities of the People's Republic of China government and the Australian government about the transaction, and will prepare and submit relevant materials according to the regulatory requirements in the PRC and Australia," said the statement dated Sept. 11.
It did not give further details.
Yanzhou's proposed takeover of Felix would be China's largest purchase in Australia. China's No. 4 coal producer by market value is offering A$18.00 a share cash, including special dividends, in a deal that underscores China's growing appetite for resources assets.
The deal, announced last month and backed by Felix, came amid strained investment ties between China and Australia, after the arrest of four staff from Anglo-Australian miner Rio Tinto (RIO.AX) (RIO.L) in China on charges of industrial espionage.
Last week the FIRB delayed until October a decision on a Chinese firm's $400 million deal to take a majority stake in rare earth miner Lynas Corp (LYC.AX).
The review board is considering several other proposals from Chinese firms seeking to invest in Australian resources firms. For more stories on investment in Australia, click [ID:nSP301518]. (Reporting by Jonathan Standing; Editing by Mark Bendeich)
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