from Business Spectator: Sundance Resources is considering whether to walk away from its $1.3 billion takeover deal with Sichuan Hanlong Group after Hanlong's chairman, Liu Han, was detained in China and as reports emerge of potential alternative suitors for Sundance, according to The Australian Financial Review.
Sundance reportedly has the right to terminate the deal — which has been evolving for two years — under a revised scheme implementation agreement.
The reasons behind Mr Liu's arrest remain unknown, the one Chinese media report suggested it relates to his interests in Macau casinos.
Hanlong executives have told Sundance the remain keen to complete a deal despite the latest developments.
But Sundance's board of directors is considering its options, according to the AFR, amid reports that Glencore International, which has a stake in Sundance's key iron ore project in West Africa, is interested in discussing a deal.
