Reuters reported that China Yanzhou Coal has resubmitted its application for Australian government approval for its roughly USD 3 billion bid for coal miner Felix Resources Ltd.
Yanzhou said the resubmission to Australia Foreign Investment Review Board was aimed at facilitating the approval process. It said "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."
It did not give further details.
Yanzhou proposed takeover of Felix would be China largest purchase in Australia. China No 4 coal producer by market value is offering AUD 18.00 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 in China on charges of industrial espionage.
(Sourced from Reuters)
