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Australia Government Approves Baosteel Acquisition of Aquila Equity
11/02/2009 - The Australian Foreign Investment Review Board approves Baosteel's acquisition application on Aquila of $285 million. The ceiling of Baosteel's equity acquisition rises to 19.99%.
The Australian Foreign Investment Review Board approved on October 29 Baosteel's acquisition application on Aquila of $285 million. Dai Zhihao, the Vice President of Baosteel Group, will join Aquila's board. The ceiling of Baosteel's equity acquisition rises to 19.99%.
The collaboration between the two companies strictly conforms to the International Business Law, which operates under the recognition of the international capital market. According to Baosteel, the cooperation is mutually beneficial and is part of its plan for steady global-development growth.
Aquila is a comprehensive mining corporation in west Australia, with an operation scope of iron ore, coal, and polianite.
Baosteel Group Corp. is a state-authorized investment institution approved by the State Council and a state-controlling company. It claims to be the most competitive steel complex in China. In 2008, the company registered sales revenue of RMB 246.839 billion yuan, a total profit of RMB 23.813 billion yuan, total assets of RMB 352.497 billion yuan, and net assets of RMB 219.435 billion yuan. Total employees of Baosteel are 108,914 people.
