Chinese investment company South China Investment has announced that it has failed in its bid to acquire 100 percent of Australian iron ore company Brockman Resources, and currently holds just a 55.33 percent interest in Brockman.
According to the relevant purchase agreement, South China Investment planned to exchange one Brockman share with 30 shares of its own common stock. The acquisition process began in November 2010, at which time South China investment was already the largest shareholder in Brockman with a 22.63 percent stake.