The thing I cannot figure out is how is this deal structured so...

The thing I cannot figure out is how is this deal structured so that the deal would need regulatory approvals from the Government of Tanzania and Investment approvals from the government of China, is the UK part of the transaction how they do the "end runaround" of Australian FIRB approvals?Nowhere in the document is it mentioned anywhere about this little thing called FIRB in Australia. Last time I checked PEK was an ASX-listed company, so why is the offer silent on a FIRB approval step?

The announcement from PEK saying that

"Recent geopolitical and regulatory developments have increased the risks of successfully establishing an incorporated joint venture between the parties. As a result, Peak and Shenghe have evaluated alternate transaction structures to the NGUK transaction that could support greater transaction certainty..."

Its well known by now that the Australian Federal government has unofficially put all Chinese investment and takeovers of ASX listed companies in strategic minerals on a "go slow" approvals track to nowhere/purgatory. In fact so slow, that nothing gets approved ever in the rare earth/strategic minerals space anyway. I guess this is all about saving face and preventing any escalations of any trade sanctions or disputes from China.

If the intention is to have a process that get stalled in the Australian regulatory phase with FIRB, I am thinking that maybe this prompts the Tanzanian Government to act (because they want the mine built in Tanzania) on the mining lease & approvals from Tanzania. So then its not a huge stretch to see brown paper bags happening (already happened?) in Tanzania and then the deposit is approved and permitted under the ownership of Shenge?

I understand the whole lowball offer and a possibility of a more enticing offer to PEK shareholders thing, but without regulatory approvals, the price of the deal is academic isn't it? If FIRB blocks this transaction at 36c per share because of security and national interest concerns, then all those concerns remain the same irrespective of the offer price if its the same target and the same predator, no?