firb article in afr, page-4

I think 15% (the preferred option by the FIRB) is too hard for them to decide.

The lackies of the Rudd Govt rather see small comps play in the hands of BHP & RIO. A 15% stake isn't going to harm Australia's interests. But supporting less competition, by allowing big banks eat small ones and big BHP eat up small UMC and other small iron players in future (at unfair prices) that is being UN-AUSTRALIAN.

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Baosteel resubmits for Aquila stake

Juan Chen | October 19, 2009
Article from: Dow Jones Newswires
CHINA'S Baosteel Group, the country's biggest steel producer by output, has already re-applied to Australia's Foreign Investment Review Board to take a 15 per cent stake in junior coal and iron ore group Aquila Resources, the target says.

"FIRB asked Baosteel to resubmit the application, simply because it has too many cases in hand," said Russell Tipper, the general manager of Aquila's iron ore division. In August, Baosteel agreed to invest up to $285.6 million in Aquila for a stake of up to 15 per cent.

But earlier this month the FIRB asked the state-owned Chinese firm to resubmit its application, raising concerns about the changing investment environment in Australia.

FIRB has 30 days to make a ruling on foreign investments and can then extend for a further 90 days if it needs more time.

Mr Tipper said FIRB didn't ask Baosteel to change its plan.

http://www.theaustralian.news.com.au/business/story/0,28124,26226799-36418,00.html