https://www.engineeringnews.co.za

Baosteel, Aurizon gain control of Aquila

Baosteel, Aurizon gain control of Aquila

Photo by Reuters

3rd July 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – China’s steel giant Baosteel and its business partner Aurizon Operations have gained control of diversified miner Aquila Resources.

Aquila on Thursday signed a bid implementation agreement with the two companies, which allowed for an accelerated payment of the takeover offer within five business days after the offer was declared unconditional and acceptances processed.

The agreement also provided for the takeover offer to be freed from all remaining conditions and that the closing date of the offer be extended until July 25.

Furthermore, the bid implementation agreement would allow the bidders to restructure the Aquila board once a 50% acceptance of its offer had been received.

Aquila’s executive chairperson and CEO Toni Poli on Thursday accepted the A$3.40 in cash takeover offer for his personal shareholding in Aquila, which along with cofounder Charles Bass’ acceptance gave Baosteel and Aurizon a shareholding greater than 50%.

As a result, Qinguy Li, Qinghua Zhou, Yiming Wu and Michael Carter would be appointed as directors of Aquila.

ASX-listed Mineral Resources, which holds a 12.78% stake in Aquila, on Thursday also reported that it would accept the joint takeover bid from Baosteel and Aurizon.

Once the transaction had been completed, Aurizon would have a 15% shareholding in Aquila, while Baosteel would own the balance.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.099 0.153s - 156pq - 2rq
Subscribe Now