According to Reuters, China's National Development and Reform Commission has approved the $1.3 billion bid by China's Hanlong Mining to take over Australia's Sundance Resources, clearing a big hurdle for the long-awaited deal.
As negotiated, Hanlong Mining will buy out Sundance' stock with 0.57 Australian dollars per share.
The news has been confirmed by media officer from Hanlong, and according to Reuters China, the resource is vital to help China reduce its dependence on Australia and Brazil for iron ore.
The take over has got approval from Foreign Investment Regulatory Commission of Australia Foreign Investment Regulatory Commission of Australia on June 22th.
According to Reuters, China's National Development and Reform...
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