China's Yanzhou to resubmit Felix offer again
SYDNEY: Chinese coal-miner Yanzhou is to resubmit its record takeover offer for Australia's Felix for a second time, the company said on Monday, after regulators tightened their stance on foreign ownership.
Felix said Yanzhou would hand in another reworked bid later on Monday, a month after its first resubmission of the 3.5 billion Australian dollar (3.2 billion US) offer.
"Felix has been advised that FIRB has not yet made a decision regarding the application, and that Yanzhou will be resubmitting its application today," Felix said in a statement.
Last month Australia's Foreign Investment Review Board (FIRB) told Chinese investors it was more "comfortable" with investments below 50 percent for new ventures and 15 percent for major producers.
Board chief Patrick Colmer also urged greater transparency and a less heavy-handed approach in seeking acquisitions.
A day later, China Non-Ferrous Metal Mining Co. (CNMC) withdrew a 252 million dollar (228 million US) takeover offer for Australia's Lynas.
Felix said the timetable for the deal would not be affected by the latest resubmission, which triggers a new 30-day period for the board to announce its decision.
China is Australia's second-biggest trading partner but the Asian giant's takeover moves have provoked fierce debate over ownership and control of the lucrative resources sector.
Relations were also tested by China's arrest of a senior Australian Rio Tinto mining executive in July, weeks after the company rejected a huge cash injection from state company Chinalco.