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Wah Nam seeks full takeover of Brockman
Peter Ker
December 12, 2011 - Fairfax

Pilbara iron ore aspirant Brockman Resources could soon be fully owned by Wah Nam International, after the controversial Hong Kong investment group launched plans this afternoon to buy the remaining 44 per cent of Brockman that it does not already own.

In a deal that will require approval from the federal government's foreign investment review board, Wah Nam has offered $1.50 in cash and 18 Wah Nam shares for each Brockman share, an offer fully recommended by Brockman's board.

Brockman shares were trading hands at $2.26 when the market closed this afternoon, but Wah Nam said the share aspect of the offer meant each Brockman shareholder was effectively being offered $3.03 for each share.
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Wah Nam is pushing ahead with the offer despite the company's chairman being under investigation from Hong Kong's corruption investigators.

Brockman shares were worth more than $6 in March, but have plummeted this year as Wah Nam conducted a hostile takeover of the company which has pushed back development timelines for Brockman's flagship Marillana iron ore project.

Read more: http://www.theage.com.au/business/wah-nam-seeks-full-takeover-of-brockman-20111212-1or56.html#ixzz1gJDa91Hs