Hanlong Win Approval for Sundance Takeover
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IRJ -- August 1 -- As iron ore prices drop left and right, China’s Hanlong Mining has announced the go ahead for its $1.3 billion takeover bid for Australian company Sundance Resources, albeit at a reduced price.
Hanlong, already 17 per cent owner of the iron ore developer, got word that China’s National Development and Reform Commission had given approval this week, a year after the deal was initially negotiated.
Hanlong is likely to negotiate more favourable terms, in recognition of the price slump in iron ore – near its lowest level in two and a half years -- and the cooling of global demand.
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