Chinese investments in Australia make progress

Valin's investment in Fortescue is approved, paving the way for the Chinalco-Rio Tinto deal, while Minmetals prepares a revised proposal to take over Oz Minerals.

The Australian government yesterday approved the acquisition of a 17.4% stake in Fortescue Metals Group by Chinese steel maker Hunan Valin Iron and Steel Group Company. Meanwhile, Oz Minerals announced that China Minmetals will shortly table a revised proposal to acquire most of its assets.

While announcing the approval for Valin under the Foreign Acquisitions and Takeovers Act FATA, Australian treasurer Wayne Swan also outlined the conditions that the approval is subject to and which Valin and Fortescue are...

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