DJ Mount Gibson: Potential Transaction Concerning Shareholding03/04/2008 08:47AM AEST MELBOURNE (Dow Jones)--Mount Gibson Iron Ltd. (MGX.AU) was Thursday placed in a trading halt ahead of the announcement of a potential transaction involving a material shareholding in the miner.
The Perth-based company gave no details of the potential transaction, but Russia's Gazmetal Holdings recently tried unsuccessfully to sell its 19.7% stake and there has been market speculation that it remains a seller.
Gazmetal's planned sale of its stake to Shougang Concord International Enterprise Co. (0697.HK), a unit of Chinese steelmaker Shougang Group, was canceled this week after Australia's Takeovers Panel ruled the deal breached takeovers law.
-By Alex Wilson, Dow Jones Newswires; 61-3-9671-4313; [email protected]
(END) Dow Jones Newswires
April 02, 2008 18:47 ET (22:47 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.
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