China's Sinosteel Corp said yesterday that it has boosted its stake in Australian iron ore miner and developer Midwest Corp to 28.4 percent, from 19.9 percent.
The Chinese metals trader, which is battling Murchison Metals Ltd for Midwest, is bidding A$1.36 billion (US$1.3 billion) in an offer that ends June 13.
Sinosteel had 60.4 million Midwest shares as of Tuesday, up from 42.4 million at February 20, the company said in notice to the Australian Securities Exchange. It has been buying Midwest shares at A$6.38 each, and last week dropped its condition for 50.1 percent shareholder approval for the bid.
(Shanghai Daily June 5, 2008)
