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Yanzhou bid hit by delay

(Agencies)
Updated: 2009-10-13 08:09

Australia's demand for Chinese firm Yanzhou Coal to resubmit its request for approval for a $2.9-billion takeover of Felix Resources failed to shake market confidence that the deal would go ahead.

Felix said yesterday that the Foreign Investment Review Board (FIRB) had sought the move without giving details.

"We continue to work with the government and respect its processes. We are happy to resubmit," said Yanzhou Coal's spokesman in Australia, Ian Smith.

By opting to resubmit its application rather than extend the review by 90 days, Yanzhou is likely to get a decision sooner, two sources familiar with the convoluted review process said.

Uncertainty over the approval process has kept Felix's shares below the offer price of A$18 a share, but the stock held steady yesterday, suggesting investors were not worried about the latest delay. It was down just 3 cents at A$16.72 at 00:49 GMT.

Felix said Yanzhou was scheduled to resubmit its application to the board yesterday.

The FIRB, an advisory body to Australia's Treasurer - who makes the final decision - normally acts on applications within 30 days. If not, the deadline is automatically extended by 90 days.

Related readings:  Yanzhou Coal amends Felix takeover plan  Yanzhou Coal sees net profit fall in Q3  Felix Resources gives nod to Yanzhou Coal deal  Yanzhou Coal sees steep 60 pct drop in H1 net earnings

But if it is close to making a decision after the 30-day deadline, applicants can prefer to resubmit and start afresh on a 30-day clock for approval rather than let the process continue on a 90-day clock, the sources said.

The delays have come as FIRB has been flooded with applications, including Chinese State-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.