Sinosteel moves to delist Midwest
18th September 2008, 7:45 WST
Sinosteel has set the wheels in motion for a delisting of Midwest Corporation from the Australian Securities Exchange, after acquiring a 98.5 per cent stake in the firm earlier this week.
The Chinese company, which went into a trading halt on Tuesday, will proceed to a full takeover of the iron ore firm as of today, ahead of the firm’s delisting.
Sinosteel president Tianwen Huang said the company had been very pleased with the success of the offer, which he said would drive further growth in the Midwest region.
Shares in the company last traded at $6.36.
PERTH
ANDREW HOBBS
MIS
midwest corporation limited
