Bloomberg reported that Sinosteel Corp, China's second largest iron ore trader won control of Midwest Corp after more than half of the Australian producer's shareholders accepted its AUD 1.36 billion offer.
According to a notice sent to the Australian stock exchange July 11th Sinosteel which has offered AUD 6.38 cash a share for Perth based Midwest now owns 50.97% of the stock.
Murchison Metals Ltd last week dropped its rival offer for Midwest and has said it will not accept Sinosteel's offer for its 9.95% stake in Midwest.
According to Bloomberg data, the acquisition is the largest overseas metals takeover by a Chinese company. Steel mills in China, the largest buyers of iron ore, are seeking to secure alternative supplies amid concern BHP Billiton Ltd's proposed takeover of Rio Tinto Group would create a company controlling almost half the Asian iron-ore market.
