Post by
Grebmoolb on Sep 26, 2009 5:28am
Bid turns sour for Felix Resources
The bid for Felix Resources by Yanzhou Coal is turning sour. The Australian regulatory board, FIB, has warned China about bids from State Owned and controlled companies. Yanzhou Coal is a Chinese Government controlled company.$0$0$0$0State owned Yankuang Group have a controlling share in Yanzhou Coal. Yanzhou coal have a subsidiary in Australia called Yancoal Australia. Yancoal Australia have a subsidiary called Austar Coal Mine.$0$0Austar Coal Mine are being used to bid for the Australian coal miner, Felix Resources.$0$0$0$0$0Main holders of Felix Resources stock are through three directors who hold 48.2% of the shares. A Former Director and a Former Manager hold 12% of the remainder.$0$0$0$0$0Other holders in Felix Resources are becoming increasingly hostile to the all cash, AU$16.95 per share bid through Yanzhou's, Austar Coal Mine.$0$0$0$0$0There is an answer to the problem that's staring Yanzhou Coal in the face. But for the moment I will not say what is.$0