WestSide in new takeover talks
Queensland coal seam gas player WestSide Corporation has signalled it is in talks about a potential takeover offer that will trump the $178 million bid from China's Landbridge, which it describes as inadequate, unsolicited and opportunistic, according to the Sydney Morning Herald.
In its target's statement on Friday, WestSide told shareholders they should reject Landbridge's 40¢ per share offer, advising that they might “lose the chance to later accept a competing offer.”
“Your board is seeking to test whether an alternative offer that recognises your board's view of the full value of WestSide can be put to shareholders,” it said.
Rio to strike deal on $21b Simandou project
Rio Tinto is poised to ink within the next fortnight a long-awaited investment agreement for the stalled $US20 billion ($A21 billion) Simandou iron ore project in Guinea, which CEO Sam Walsh says will inject “renewed momentum” into the development, according to the Australian Financial Review.
Rio has been locked in negotiations with Guinea’s new Conde government, Chinalco and the World Bank’s International Finance Corporation on the controversial project.
Walsh said over the weekend he expected to sign an investment framework this month with the three parties for Simandou – the world’s richest undeveloped iron ore deposit – which would be Africa’s largest-ever Âinfrastructure project.
The $21 billion joint-venture includes plans for Guinea’s first high-grade iron ore mine, a 650km railway line and multi-purpose port.
Short sellers target Atlas as iron ore falls
Short sellers are dropping their obsession with Fortescue Metals Group to focus instead on Atlas Iron, as the benchmark iron ore price prepares to fall into double figures for the first time in 20 months, according to the Australian Financial Review.
Australia’s most lucrative export commodity was fetching $US100.70 ($107.53) over the weekend – its lowest price since September 13, 2012. The price has plunged 25% since January 2 as booming exports from Australia and patchy demand in China take their toll.
