China's Sinosteel launches hostile bid for Midwest (MarketWatch) (14-03-2008)

HONG KONG (MarketWatch) -- Sinosteel Corp. of China on Friday launched an A$1.2 billion ($1.13 billion) unsolicited takeover for Australia's Midwest Corp., in order to secure strategic supplies of key steelmaking materials. The company said it was offering a$5.60 in cash for each Midwest share.

 The offer represented a 35% premium to the closing price of Midwest's shares Thursday. Sinosteel currently owns a 19.9% stake in the iron ore producer. A successful takeover would mark the biggest acquisition of an Australian iron ore company by a Chinese firm.

Source: MarketWatch