O'Hanlon Australia M & A failure or disk access CDB confirmation withdraw
Date :2013-04-07 Browse: 0 Author: Scioscia Source: 21st Century Business Herald
REVIEW: Hanlong Group to the Australian listed company resources Sanders (Sundance Resources Limited) demonstrate the ability to complete the latter's wholly-owned acquisition deadline, the acquisition of funds from the loan. As of press time this reporter, the Australian Stock Exchange (ASX) has not received any statement from Sanders, indicating that both sides have completed mergers and acquisitions may have been very slim.
Original title: two major steel enterprises or disk access O'Hanlon Australia M & A country open to confirm withdraw
To announce that Australia mergers and acquisitions fail the Hanlong Group only a statement distance.
April 3, the National Development Bank to the reporter to interview reply, confirmed last year more than 1 billion U.S. dollars loan commitment to O'Hanlon "did not enter the loan approval stage.
On the same day Hanlong Group to the Australian listed company resources Sanders (Sundance Resources Limited) demonstrated the ability to complete the latter's wholly-owned acquisition deadline, the acquisition of most of the funds from the loan. As of press time this reporter, the Australian Stock Exchange (ASX) has not received any statement from Sanders, indicating that both sides have completed mergers and acquisitions may have been very slim.
Integrated a number of local media reports, Sanders will likely this week to terminate the merger agreement with Hanlong Group, and work directly with other investors to discuss how to promote Africa-Mubarak iron ore project.
In fact, since March 22 Xinhua News Agency confirmed Ambrose is under police investigation beginning, Sanders has been stepped up interviews with third parties, as soon as possible in order to find a partner.
According to the number of local media reports, then set the Mubarak iron ore project in Africa is very likely to come from China. Wuhan Iron and Steel Group and Hebei Iron and Steel (2.39,0.01,0.42%) of the Group before the talks with Sanders, was regarded as the best alternative for a short period of time. At press time, the reporter failed to be confirmed from Hebei Iron and Steel Group and Wuhan Iron and Steel Group.
CDB confirmed withdraw the
The reporter learned from the Sichuan bankers on April 1, CDB $ 1.022 billion loan commitment to O'Hanlon As Ambrose investigation, the beginning of the year has been revoked.
Late October last year, China Development Bank loans to O'Hanlon undertaking, which means that the intention O'Hanlon loan of $ 1.022 billion, for which the acquisition of the entire equity interest of Australia Sanders.
April 3, the Information Office of China Development Bank to the reporter to reply, said that the loan program does not enter the loan review stage. CDB stressed that this loan did not make the trip because of the previous undertaking only show that the intention of cooperation between the lender and the borrower, and the loan program does not have a Bank loan selection criteria.
Coincidentally, a day after U.S. General molybdenite (General Moly) public relations department to the newspaper reporters sent a reply, recognize the CDB has also suspended its loan commitments, and said it would seek other sources of funding. Hanlong is the single largest shareholder in the United States General molybdenum ore, the CDB last year commitment to Hanlong $ 1.022 billion for the acquisition of Sanders at the same time, commitments for the additional sum of $ 665 million loan to the U.S. General molybdenum ore. This is confirmed from the side, CDB loan relationships O'Hanlon has entered the ice age.
According to the announcement of Sanders, O'Hanlon as early as last year, said its report from the China Development Bank and Everbright Bank
Line confirmed the $ 1.022 billion and $ 438 million loans totaling $ 1.46 billion. The two sides agreed that these funds will be used for the acquisition of all the assets of Sanders.
The Hanlong Group scheduled to be submitted to the credit file before March 26 to Sanders proved enough financial support to complete the acquisition of the latter. The O'Hanlon admit not submitted on time, Sanders in accordance with local securities trading rules will be extended to April 3, the end result is still.
According to a statement issued on March 26, if the to Hanlong proof as of April 3, Sanders right to unilaterally terminate after the two sides negotiate to come to the stage of consensus. According to a number of local media, the possibility of Sanders chooses to exercise this right is very large. Once veto the acquisition, Hanlong will not only lose the opportunity to the acquisition of Sanders, will also lose mining rights on Africa Mubarak iron ore project.
Wuhan Iron and Steel, River Steel or re-intervention
O'Hanlon completion of the acquisition may gradually disappear at the same time, the Wuhan Iron and Steel and Hebei Iron and Steel, the two state-owned enterprises surfaced.
According to several media reports, including Reuters, after the investigation learned that Ambrose, Sanders O'Hanlon performance may very optimistic, and soon began to contact a third party, it has Africa Mubarak iron ore project to find new investors.
Mubarak iron ore projects are mainly located in Africa, Cameroon and the Democratic Republic of Congo, the largest in the world iron ore reserves and varieties. Sanders estimated that this project an annual output of 35 million tons of iron ore, the long-term reserves of 200 million tons, at least 25 years of mining.
The Australian Financial Review reported that Saunders has a number of recent there had been contact corporate negotiations, Wuhan Iron and Steel and Hebei Iron and Steel two Chinese companies in which.
The two major state-owned Iron and Steel Group's appearance is not unexpected. The Sanders announcement on February 7 this year, China Development and Reform Commission said in Yun Xu Hanlong regarding the acquisition of Sanders extension of six months, with the proviso: Hanlong must find an adequate ability to jointly develop with Mubarak iron ore project state-owned enterprises.
2011 acquisition of Sanders, O'Hanlon also found that very large capital requirements of the mining of iron ore Mubarak, said it would seek partners to develop. Sanders is expected to fully develop the required funds will be more than 10 billion U.S. dollars.
As early as in 2007, the Wuhan Iron and Steel Group began tracking Mubarak iron ore project, but the following year Sanders grab recognized by the government of the host country won the right to control. The beginning of the year and renewed rumors of the development of the Wuhan Iron and Steel, or the project is expected to cooperate with the Chinese dragon.
In recognition of the project, Sanders also in August 2010 visit to China Hebei Iron and Steel Group, expressed its willingness to Mubarak iron ore project in cooperation with Hebei Iron and Steel.
The reporter tried under the Ministry of foreign affairs to the Wuhan Iron and Steel Group and Hebei Iron and Steel Group International Trade confirmation, to have failed to get a reply before the deadline. Hebei Iron and Steel Group, a subsidiary of listed company securities department, said this arrangement is not known
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