Baosteel, Aurizon Bid for Aquila in $1.3 Billion Iron Deal
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Baosteel Group Corp., the owner of China’s biggest listed steelmaker, and Aurizon Holdings Ltd. offered to buy Aquila Resources Ltd. in a deal that values the Australian ore and coal company at A$1.4 billion ($1.3 billion).
The offer signals a possible resumption of Chinese companies buying up global resources to take advantage of a price slump. Baosteel and Aurizon, Australia’s biggest haulage company, will pay A$3.40 a share in cash, a 39 percent premium to Aquila’s last closing price, according to a statement. The stock rose 36 percent today in Sydney.