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MGX now have control - expect the offer to go unconditional. article;

"IT LOOKS like Aztec Resources chairman Ian Burston won't need his boxing gloves any more.

In August the mining industry heavyweight famously produced a pair of bright red boxing gloves at the Diggers and Dealers conference in Kalgoorlie to demonstrate his intention to fight Mt Gibson Iron's hostile takeover attempt.

But the four-month, $280 million battle for Aztec looks to have ended after Mt Gibson yesterday won control of the company.

Mt Gibson is understood to have received acceptances from 50.5 per cent of Aztec shareholders as of last night, two days before the Friday deadline.

It is believed Shanghai Merchant Holdings, which held about 6.6 per cent of Aztec and nearly 10 per cent of Mt Gibson, might have been among the acceptances. As of Tuesday, Mt Gibson had received acceptances from 42.24 per cent of investors for its one-for-three scrip offer.

Mt Gibson's good news came one day after Russian billionaire Alisher Usmanov's investment vehicle, Gallagher Holdings, bought a similar-sized stake in Aztec for $23.3 million.

Gallagher also holds a 19.9 per cent stake in Mt Gibson. When it bought the stake in Aztec on Tuesday, Gallagher said it would accept the offer if it was recommended by Aztec's board. That position seemed to have been carried over from the previous holder of the newly purchased stake, Australian Royalties Corp.

But in a curious statement, it added, "Save as set out in this letter, Gallagher reserves its right to accept the offer, and to otherwise deal in Aztec shares in a manner it considers appropriate".

Mt Gibson's offer was to expire on Friday unless it received acceptances from a majority of Aztec shares. Given that it has achieved that goal, its offer should be extended for another two weeks.

Now the focus could turn to a battle for control of Mt Gibson as Shanghai Merchant, Gallagher and Hong Kong's Sun Hung Kai Investment Services will all have significant stakes.