Sinosteel reaches 51% shareholding in Midwest

Sinosteel's $1.32 billion takeover of Midwest succeeds, earning healthy fees for advisers Morgan Stanley and JPMorgan.

SinosteelÆs strategy to stay the course in its acquisition of Midwest has paid off, resulting in the first ever successful hostile takeover by a Chinese company in Australia. Sell-side adviser Morgan Stanley and buy-side adviser JPMorgan stand to benefit handsomely.

The Chinese steelmaker on Friday informed the Australian Securities Exchange that it has cornered 50.97% of Australian mining and exploration firm Midwest's outstanding shares, meaning its A$1.36 billion $1.32 billion takeover attempt will succeed.

SinosteelÆs latest announcement marks closure...

To continue reading, please login or register for free

Click for more on: sinosteel | midwest | murchison

Print Edition

FinanceAsia Print Edition


  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...