Baosteel Launches $1 Billion Takeover Bid for Aquila Resources

Reuters reported today that China’s Baosteel is in the midst of a $1 billion unsolicited takeover bid for Australia’s Aquila Resources (TSX:AQA). According to Reuters, Baosteel already owns a 20 percent interest in Aquila, but is frustrated that the Pilbara project has stagnated.

According to the publication:

Monday’s unsolicited A$1.14 billion ($1.06 billion) offer to take over Aquila Resources Ltd could open up a new Australian iron ore export region to supply Asian steelmakers, by jumpstarting the $7 billion West Pilbara Iron Ore project (WPIO), half-owned by Aquila.

Click here to read the full Reuters article.