October 23, 2009

China clinches biggest buyout in Australia

Press TV- October23, 2009 19:32:03 GMT

A coal dredger seen in operation at the Loy Yang Open Cut coal mine near Melbourne in early August. China's Yanzhou has won the takeover of Australia's mining giant Felix.

A Chinese company has succeeded in the biggest-yet takeover bid of an Australian firm in a move seen as an exploit amid bitter investment relations.

The Australian authorities on Friday approved the 3.5-billion-dollar bid by China's Yanzhou Coal for mining giant Felix, AFP reported.

Felix produces about 4.8 million metric tons of coal a year.

The Chinese enterprise would be running its Australia-based mines through an Australian company.

"The Australian Securities Exchange listing of all of Yanzhou's Australian assets ... is a significant development," Australia's Assistant Treasurer Nick Sherry said in a statement.

"It represents the first time a Chinese state-owned enterprise operating in Australia will list on our stock exchange," he added.

"As such, it demonstrates the strength of the developing bilateral economic and investment partnership between Australia and China," Sherry said.

1 comment:

  1. Give that Ba*^^ard Rudd (Australian PM) a bit of time and China will own all of this country.