Australia-based Aquila Resources Limited has announced that it has received a A$1.42 million takeover offer from Baosteel Resources Australia Pty Ltd (Baosteel) and Australian rail and logistics company Aurizon Operations Limited (Aurizon) for all of the outstanding ordinary shares in Aquila that the bidders do not already own at a price of A$3.40 cash per share.
If the deal is successful, Aurizon will own approximately 15 percent and Baosteel will own approximately 85 percent of Aquila shares.
According to Aquila Resources, in 2009 Baosteel entered into a memorandum of strategic cooperation with Aquila in regard to the latter's projects, including its West Pilbara iron ore project.