China’s Sinosteel Increases Stake in Midwest to 43.6 Percent
June 13, 2008
June 13th (Bloomberg) – Sinosteel Corp., battling Murchison Metals Ltd. for control of Midwest Corp., increased its stake in the Australian iron ore producer to 43.6 percent, more than four times the size of its competitor’s holding.
Sinosteel, China’s second-largest iron ore trader, owns 92.9 million shares in Midwest, up from 85.4 million shares, the Beijing-based company said today in a statement. It’s offered A$1.36 billion ($1.3 billion) cash for Perth-based Midwest. Murchison holds 9.98 percent of Midwest.