SteelOrbis Shanghai
Chairman of Beijing-based metals trading firm Sinosteel, Huang Tianwen, recently revealed that, while Sinosteel currently holds 58 percent of shares in Australian iron ore miner Midwest Corp., its acquisition of further Midwest shares is expected to be concluded by mid-September. Mr. Huang also explained that such additional share acquisition would be aimed only at strengthening its shareholding rights in Midwest, rather than targeting the purchase of 100 percent of shares.
Apart from Sinosteel, outstanding shares in Midwest Corp. are held mainly by Murchison, previously a competitor of Sinosteel's for the takeover of the company, hedge fund HarbingerCapital and two other board members. In addition, HarbingerCapital holds 19.98 percent of shares in Murchison, so they are considered to be coordinated actors.
Meanwhile, Australian prime minister Kevin Rudd invited the top leaders of Sinosteel, China Minmetals Group, and Australian miners Rio Tinto and BHP Billiton to a dinner party when he came to attend the Beijing Olympic Games. During the gathering, Mr. Rudd said that all offshore investors were welcome to expand their businesses into Australia and would enjoy equality of treatment.