Baosteel sought a friendly Aquila deal

The Chinese steel giant hoped it could make a friendly takeover offer for iron ore miner Aquila but, along with its partner Aurizon, was rebuffed.

Over the weekend Chinese steel giant Baosteel, its partner rail freight operator Aurizon and Deutsche Bank tried to talk to Aquila Resources’ board about their $1.4 billion takeover offer for the iron ore and coal miner.

But the prospective acquirers were rebuffed. Baosteel, Aurizon and their advisers decided to move quickly and offer Aquila shareholders $3.40 in cash before the ASX opened for the week.

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