agreed evraz i think are combining the delong deal with takeover of CFE
tHEY are still waiting for chinese gvt approval and have secured 6 month extension feb 09 is deadline now
as i said 2 days ago unlikely takeover will occur just yet until delong get approval from chin gvt and also Aust FIRB for mcc deal
so we will have to wait in my opinion...
good article below..a couple of weeks old but still emphasises my point.
Evraz prolongs Delong hunt, awaits Chinese approval Mon Aug 18, 2008 1:12am EDT
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HONG KONG, Aug 18 (Reuters) - Russian steelmaker Evraz Group SA (HK1q.L: Quote, Profile, Research, Stock Buzz) has another six months to win Beijing's approval for its planned $1.5 billion takeover of Chinese steelmaker Delong Holdings Ltd (DELO.SI: Quote, Profile, Research, Stock Buzz), Evraz said in a filing late on Friday.
The bid will have to overcome Beijing's reluctance to allow foreigners to gain control of Chinese steelmakers as state-owned companies such as Baosteel Group move to consolidate the fragmented sector by snapping up smaller players.
Chinese resistance has already forced the world's top steelmaker ArcelorMittal (ISPA.AS: Quote, Profile, Research, Stock Buzz) to pull back from its plan to take over China Oriental (0581.HK: Quote, Profile, Research, Stock Buzz).
Evraz has options to take a 51 percent stake in Singapore-listed Delong, but exercising them is conditional on getting Chinese antitrust approval. The six-month options were due to expire on Monday, but Evraz said it had agreed with Delong shareholder Best Decade to extend the option exercise period until Feb 18, 2009.
It also said it had notified Chinese authorities of the planned merger, receiving acknowledgement from the State Administration of Industry and Commerce (SAIC) on March 3 and the Ministry of Commerce (MOFCOM) on May 7.
"Subsequently, the offeror was informed by MOFCOM of an extension of the merger review process. As at the date of this announcement, MOFCOM continues to review the information and materials submitted by the offeror as part of its pre-merger notification," Evraz said in its regulatory filing.
Evraz, part-owned by billionaire Roman Abramovich, last month joined forces with state-owned China Metallurgical Group Corp to develop Australia's Cape Lambert Iron Ore project.
Merrill Lynch is advising Evraz on the Delong deal. It is also advising another Singapore-listed Chinese steelmaker, FerroChina (FERR.SI: Quote, Profile, Research, Stock Buzz), which is looking for a strategic investor.
(For a DEALTALK on Chinese steel firms seeking foreign investors, please click on [ID:nHKG54465] )
CFE Price at posting:
26.3¢ Sentiment: Sell Disclosure: Held
(20min delay)