Sinosteel has gained control of Australian miner Midwest Corp after building a stake of more than 50% stake in the company, the Wall Street Journal reported. The Chinese firm acceptedshares pledged by Midwest directors to take its holding to 51-52%. An official announcement of Sinosteel’s stake is expected to be made on July 11. Sinosteel’s takeover is the first successful hostile bid by a Chinese company abroad.
For more on Chinese investment in Australia’s iron ore industry, see this report from our July issue.