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Sinosteel wins forex regulator's nod for Midwest takeover

(Agencies)
Updated: 2008-04-25 17:08

State-owned Sinosteel Corp has won approval from the State Administration of Foreign Exchange (SAFE) to acquire Australian iron ore miner Midwest Corporation Ltd, Caijing magazine reported.

The deal no longer needs approval from China's commerce ministry as SAFE's approval is binding, the magazine quoted Sinosteel as saying.

Sinosteel Corp made a A$1.2 billion ($1.12 billion), or A$5.60 a share, takeover bid for Midwest Corp last month.

China's largest iron ore trading company, which currently owns 19.89 percent of Midwest, has been cleared by the Australian Foreign Investment Review Board for the offer.

But Midwest believes the offer is too low, and that it does not fully reflect the value of the western Australian group.

Midwest's board has advised its shareholders not to take any action and wait for its advice before considering the offer.