SinosteelÆs $902 million acquisition of Midwest
Adviser to Sinosteel J.P. Morgan
Adviser to Midwest Morgan Stanley
Legal advisers Deacons
Even in a year punctuated by China outbound MA into a variety of target markets, SinosteelÆs A$1.36 billion $902 million takeover of Australian firm Midwest stands out as a pioneering deal. It was the first hostile takeover by a Chinese firm in Australia and the first hostile takeover by a state-owned enterprise. Further, Sinosteel emerged winner in a drawn-out competitive situation which tested both its mettle and that of its adviser.
In 2007 iron ore producer Midwest became the target of an unsolicited takeover offer by...