Source: Business Spectator; Wheels & Deals
Article Date: 06/07/2009
It seems that Gold Coast billionaire Clive Palmer may have been let down by another Chinese party, Shougang, not so long after China Metallurgical pulled out of a JV with his Gladstone Pacific Nickel. Shougang has failed to settle on a funding agreement with Australasian Resources, in which it holds a 6.33 per cent stake. Palmer, who owns 66 per cent in Australasian, an iron ore company, may have to pick-up the tab.
Elsewhere in periodic element Fe, Cape Lambert Iron Ore may this week make a bid for Tianshan Goldfields and Corvette Resources, after failing to obtain a waiver from the Takeovers Panel in regards to its inherited shareholding from Cape Lambert’s recent CopperCo purchase.
Tony Sage’s Cape Lambert, flush with cash from a deal with none other than China Metallurgical has been trying to get rid of cash ever since its liquid assets came onto the radar of some rather colourful characters. Elsewhere, Panoramic Resources is on the prowl for assets, though the nickel miner is most likely to be looking to diversify its commodity base, the Financial Review reports, rather than buy assets like BHP Billiton’s Ravensthorpe project.
ABB Grain, tied up with Canada’s Viterra, may also be on the prowl, the AFR says, with Elders’ distribution business a likely target. Elders was previously tipped to raise $200 million. Another possible merger and acquisition deal discussed in the paper is a deal between Transburban and ConnectEast.
Finally, expect further developments at White Energy Company, following Friday’s announcement that its planned merger with American cash-box Asia Special Situation Acquisition Corporation had been revised.
Also expect the battle between target Drillsearch Energy and predator Beach Petroleum to continue following Friday’s waiver of takeover conditions.