Sundance Gains After Report Hanlong Takeover May Succeed
QBy Elisabeth Behrmann - Sep 27, 2011 6:01 PM GMT+1000 .
Business ExchangeBuzz up!DiggPrint Email ...Sundance Resources Ltd., subject of a A$1.2 billion ($1.18 billion) bid from Sichuan Hanlong Group, rose the most in more than three months in Sydney after the Australian Financial Review reported the deal may succeed.
The Perth-based developer of a $4.7 billion iron ore mine in Africa rose 15 percent to 41.5 cents at the 4:10 p.m. close of Sydney trading, the most since July 18. The stock was the third-strongest performer on the benchmark S&P/ASX 200 Index.
China’s Hanlong, which holds a 17.8 percent stake in its target, may win a recommendation from Sundance in the next 10 business days after raising its 50 cents-a-share bid, the AFR reported in its Street Talk column, without saying where it got the information. Buying Sundance will give Hanlong control of the Mbalam iron ore mine, port and railroad project that straddles the border of Cameroon and Republic of Congo.
Jill Thomas, investor relations manager at Sundance, wasn’t immediately available for comment when contacted by phone.
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