Oct. 12, 2009 (Xinhua News Agency) -- Yanzhou Coal to re-submit bidding application for Felix at AUD3.54 bln
BEIJING, Oct. 12 (Xinhua) ?Yanzhou Coal Mining Co., Ltd.'s (600188.SH; 1171.HK; YZC.NYSE), China's fourth-largest coal producer, will re-submit its application for bidding Felix, an Australian coal company at 3.54 billion AU dollars to the Australian Foreign Investment Review Board (FIRB), announced Felix on Monday.
This has been second resubmission of Yanzhou Coal after FIRB dismissed its first offer in September. Early in August, Yanzhou Coal announced a plan to take over Felix for 18.9 billion yuan in whole.
FIRB is expected to approve the application within 30 days before the end of prolonged review period.
Felix said as long as FIRB could make the decision within the time limit, the transaction schedule will not be postponed.
Spokesman of Yanzhou Coal showed that they will continue to negotiate with Australian government.
Patrick Colmer recently reasserted that Australian government is inclined to the offer of government-supported overseas companies to acquire no more than 50 percent equities of Australian mining companies.
