Baosteel brinkmanship wins the day

Aquila has bowed to the offer from Baosteel and Aurizon after the bidders threatened to walk away.

Tony Poli has blinked. In the face of Baosteel'’s threatened withdrawal, he has backed down and accepted its $3.40 a share bid for his company Aquila Resources.

In doing so he has given Minerals Resources boss Chris Ellison a problem because his $3.75 conditional scrip bid was deemed inadequate in the absence of a rival cash bid.

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