Chinese acquisition

SYDNEY: Miner Felix Resources said today shareholders had voted overwhelmingly in favour of a AUS$3.54 billion takeover offer from China’s Yanzhou Coal. The proposed deal, which would be the biggest by a Chinese firm, will now go to the Federal Court of Australia for approval after more than 92 per cent of the vote was in favour of Yanzhou acquiring all shares in the business. “Felix expects to apply to the court for an order to approve the scheme within the next few days, which should allow the scheme to be implemented by December 31,” it said in

a statement. Canberra approved the takeover in late October, setting strict conditions for the deal which followed a series of failed moves by China to secure stakes in the country’s resources industry. Under the conditions, Yanzhou must operate its Australian mines through a locally headquartered company to be listed on Sydney’s stock exchange by the end of 2012

Korean consortium’s deal

seoul: A consortium led by South Korea’s state power supplier KEPCO today signed a deal for a $1 billion project to build hydroelectric power plants in Georgia, officials said. KEPCO said it signed a memorandum of understanding with Georgia’s energy ministry to build three plants at Namakhvani in the north to produce a combined 450 megawatts. This would account for 13 per cent of the country’s power supply, it said, adding KEPCO has teamed up with SK Engineering and Construction and Turkey’s Nuroli Construction and Trading for the project. KEPCO said the consortium would build, own and operate power plants after construction. It expects the Georgia deal to help it expand into European markets.