AURIZON AND BAOSTEEL SECURE TAKEOVER

AURIZON AND BAOSTEEL SECURE TAKEOVER

THE joint takeover bid between AURIZON Holdings Limited (ASX:AZJ) and Baosteel Resources has been accepted by Aquila Resources.

The freight operator and resources company’s relevant interest has now increased to 52.7 per cent, under the $3.40 per share offer.

Aquila chairman and major shareholder Tony Poli relinquished his 28.9 per cent stake in the company, satisfying the bidders’ minimum acceptance condition.

As a result of the take-over Poli, Gordon Galt and Denise Goldsworthy have resigned as directors of Aquila effective today.

They will be replaced by bidder nominees Qingyu Li, Qinghua Zhou, Yiming Wu and Michael Carter on the board.

Aurizon and Baosteel have been pushing for the deal to go ahead since May, to commence development on the West Pilbara Iron Ore project.

Read more about the takeover bid here.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Advertisement

Related Stories

Hearing tech Audeara rises from fledgling startup to $21m ASX listing in six years

Hearing tech Audeara rises from fledgling startup to $21m ASX listing in six years

Six years ago, Audeara (ASX: AUA) was a start-up aiming to make h...

Australia orders 25 million COVID-19 vaccine doses from Moderna

Australia orders 25 million COVID-19 vaccine doses from Moderna

Biotechnology company Moderna (Nasdaq: MRNA) has entered into a n...

The pressure is on for Australia to accept the coronavirus really can spread in the air we breathe

The pressure is on for Australia to accept the coronavirus really can spread in the air we breathe

More than a year into the pandemic, the World Health Organization...

Qantas delays planned resumption of international flights to late December

Qantas delays planned resumption of international flights to late December

With the exception of flights to and from New Zealand, Australian...