Australia approves China's buyout deal
23-04-2009
Australia has approved a revised takeover bid from the mainland firm, Minmetals, for Oz Minerals. The government scuttled the original bid on national security grounds. The revised deal excluded a mine which is close to a military rocket testing range. Cash-strapped Oz Minerals welcomed the approval saying the revised US$850-million offer would allow it to pay off its debt. The deal is still subject to a shareholder vote and regulatory approvals from Beijing.
