Yanzhou Coal’s US$3.2 billion takeover of Australia’s Felix Resources is soon to be approved by the Chinese Securities Regulatory Commission, Bloomberg reported. China’s National Development and Reform Commission and Australian regulators have already approved the deal. Felix’s shareholders will meet tomorrow to vote on the proposal. The company’s stock rose 3.7 cents or 0.2% in early morning trade in Sydney while the S&P/ASX 200 Index fell 0.1%. Yanzhou received approval from the Australian government after agreeing to sell shares and base senior executives in Australia.
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