Sino will keep playing this tune and try to get MMX for a song!A...

Sino will keep playing this tune and try to get MMX for a song!
A story from Dow Jones Newswire last night;

SINOSTEEL UNLIKLEY TO BUY INTO MURCHISON NEAR TERM

(Beijing) Dow Jones - Chinese metals trader Sinosteel Corporation has no plan to buy into Australian miner Murchison Metals Ltd (MMX.AU)in the near future, a person familiar with the deal said Wednesday.

The comment follows a statement by the Australian Govt in late June that it had issued an interim order on a bid by Sinosteel to Murchison, and that it would make a decision on whether to approve the deal in 90 days.
The person familiar with the deal told Dow Jones Newswires that Sinosteel is focusing on Midwest Corp (MIS.AU), another Western Australian iron ore developer that it won a controllling stake in earlier this month, marking a successful hostile bid by a chinese company.

"How to run the firm is now the priority for Sinosteel" said the person.

Sinosteel and Murchison had been battling for control of Midwest for months.

The Chinese company said last week it had aquired 54.81% of Midwest shares. It needs 90% of the company shares to move to compulsory acquisition under Australian takeover laws and delist the company from the stock exchange.

Obstacles that Sinosteel faces in gaining 90% of Midwest shares include a 10% stake that former rival bidder Murchison has vowed not to sell.

New York hedge fund Harbinger Capital Partners has also been increasing its stake in recent weeks and hasen't indicated what its plans to do with its 15.09% holding.

The person said Midwest director David Law, who holds 13% of the company, dosen't plan to sell his shares to Sinosteel. Law hasn't commented on his plans for the stake.

The Chinese company may inject funds into Midwest in the future to help the firm develop its iron ore mining project in Western Australia, the person added.