Hanlong Mining, a subsidiary of Chengdu-based Chinese private sector industrial conglomerate Sichuan Hanlong Group, has announced that it has reached an agreement with Australian miner Sundance Resources to acquire 100 percent of Sundance shares.
Hanlong has increased its initial offer to A$0.57 cash per Sundance share, totaling A$1.65 billion. The Sundance board has unanimously recommended the offer in the absence of a superior proposal.
The offer is subject to approval from Australia’s Foreign Investment Review Board and China’s National Development and Reform Commission and also to Hanlong securing approved financing.
As SteelOrbis previously reported , Hanlong Mining had previously acquired a 19 percent stake in Sundance Resources, becoming the largest shareholder in the miner.