The Australian iron ore exploration company Murchison Metals Ltd. (Murchison) has denied recent press speculation that it has received a takeover bid from Chinese steel producer Sinosteel.
In its response to the market rumors, Murchison stated, "The company notes recent media and analyst speculation that the company could be the next subject of a takeover bid by Sinosteel Corporation. The company has not been contacted by, and is not in discussions with, Sinosteel Corporation in respect of a possible takeover bid for the company by Sinosteel."