China’s Yanzhou Coal Mining (兗州煤業) is in talks to buy Australian coal miner Felix Resources Ltd in a cash takeover bid worth about A$3.5 billion (US$2.9 billion), a person close to the negotiations said yesterday.
The Chinese miner is offering slightly less than the A$20 per share previously mentioned in media reports, said a person close to the deal who spoke on condition of anonymity because the bid is not finalized. Shares of the Brisbane-based Felix last traded at A$16.90.
China, which relies on coal for about 60 percent of its power and is the world’s biggest coal consumer, has been buying coal and other resources from overseas to meet growing demand. But there has been some opposition in Australia to China’s bids for the country’s mineral resources.
Shares of Felix were suspended from trading in Australia on Monday, as were shares of Yanzhou in Hong Kong. In an announcement on Monday to the Australian Securities Exchange, Felix said it expected to remain suspended from trading for five days pending an announcement on a potential change of control. Felix officials declined to comment further.
A woman at Yanzhou’s office for the board secretary, who would not give her name, referred questions to a statement the company posted on Monday on the Shanghai Stock Exchange. In the statement, Yanzhou said it was suspending trading while it worked on a “major capital restructuring project.”
In June, Anglo-Australian miner Rio Tinto Ltd abandoned a US$19.5 billion deal with state-controlled Aluminum Corp of China (中國鋁業), better known as Chinalco, amid concerns that a foreign state-backed enterprise would own a strategic stake in the country’s biggest natural resource assets.
Tensions between Beijing and Canberra flared last month when China detained four Rio Tinto workers — including an Australian citizen — on accusations of spying amid protracted talks on iron ore prices with Chinese steel mills.
Beijing has released no details about the case, but state media say the men are suspected of paying bribes for information on China’s negotiating stance in iron ore price talks.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS