Wasn't sure if the WSJ story was on the money. This snippet from the AFR seems to confirm it.
Sundance Resources is expected to resume trading today after a conditional seal of approval from China’s peak planning body, the National Development Reform Commission, arrived late yesterday.
The nod from Beijing will go some way to assuage market concerns over the deal going ahead, but sources warn it will likely take many months to complete the $1.4 billion takeover regardless of the approval.
Elsewhere in resources, it appears interest in the dirty black stuff is waning, with overseas giants Peabody Energy and Vale the latest victims of a market downturn that’s hit valuations on once lucrative coal assets. It’s understood that a process for Peabody’s Wilkie Creek asset has just one bidder, Thailand’s PTT, left standing with other offers failing to meet what sources described as an “optimistic” asking price of about $500 million. Vale’s Integra coal asset in New South Wales is also said to have garnered very little interest, with sources saying the process run by Merrill Lynch is close to being wound up.
SDL Price at posting:
33.5¢ Sentiment: None Disclosure: Held
