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DJ Evraz To Press Beijing To Approve Delong Takeover - Report

HONG KONG (Dow Jones)--Russian steelmaker Evraz Group S.A. (EVR.LN) plans to press
Beijing to approve its takeover of Chinese steelmaker Delong Holdings Ltd. (B1N.SG), the
South China Morning Post reported Wednesday, citing unnamed sources.
Evraz said in February it would pay as much as US$1.5 billion for up to 51% of Delong,
which is listed in Singapore. The deal has been pending Beijing's approval since
then, the SCMP said.
The paper said Evraz is likely to push for Beijing's approval by launching a
takeover bid for Cape Lambert Iron Ore Ltd. (CFE.AU), an Australian firm that had earlier
agreed to sell a 1.56 billion metric ton iron ore mine worth US$393 million to China
Metallurgical Group Corp.
A full takeover bid from Evraz is expected to be announced as early as Wednesday
because the company can't block Cape Lambert's sale with the stake it has, and
can't buy more shares under Australian takeover rules, the report said.
Evraz, partly owned by Russian billionaire Roman Abramovich, acquired 19% of Cape
Lambert last week, the SCMP said. Australia's takeover code requires a company to
make a general offer for the entire company once it has acquired a stake of 20% or above.