confusion

From The Age -

Fortescue confident of stake approval
April 16, 2009 - 2:48PM
The Chinese Government has not yet given Hunan Valin Steel approval to take a 17% stake in Fortescue Metals Group, the miner said today, contradicting media reports.

However, the WA-based miner still expects to get the nod from the China's National Development and Reform Commission for the $1.2 billion deal.

''We are confident we will receive it,'' said a spokesman for Fortescue, who did not offer a time for the announcement.

Shares of Fortescue Metals were recently up 13 cents, or 5.3%, to $2.56, after earlier touched $2.60.

China's NDRC surprised Hunan Valin by withholding its approval for deal on Tuesday, leaving analysts to speculate the Chinese government had grown uncomfortable with the requirements imposed by Australian corporate law.

[email protected]