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Baosteel Signs Agreement for 15% Stake in Aquila
08/31/2009 - Subject to Australian Foreign Investment Review Board and Chinese regulatory approval, the transaction will make Baosteel the second largest shareholder in Aquila.
Baosteel Group Corp. has signed a Share Subscription Agreement with Aquila Resources Ltd., an Australian diversified mining company, to acquire a 15% stake in the company for AUD285.6 million.
Subject to Australian Foreign Investment Review Board and Chinese regulatory approval, the transaction will make Baosteel the second-largest shareholder in Aquila.
Under the terms of the agreement, Baosteel will subscribe for up to 43.95 million new shares issued by Aquila, funding the acquisition from its current cash reserves. Baosteel is entitled to nominate one director to the Aquila Board upon completion of the deal.
Baosteel also has signed a Memorandum of Strategic Cooperation with Aquila to further explore project-level investment.
Baosteel says this transaction represents a significant step forward in its international expansion, and believes that Aquila has an attractive portfolio of assets with good growth potential.
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