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Third time lucky: Yanzhou to resubmit Felix bid to FIRB

Third time lucky: Yanzhou to resubmit Felix bid to FIRB

Chinese coal miner Yanzhou will resubmit its bid for Felix Resources (ASX: FLX) again, in the hope of convincing the Foreign Investment Review Board (FIRB) to approve the acquisition.

The FIRB has yet to approve Yanzhou’s second acquisition proposal nearly a month after submission, Felix told the ASX.

Yanzhou has offered around $3.5 billion for the acquisition of Felix, but the FIRB has been reluctant to approve investments above 50% for new ventures, and 15% for major producers.

Felix said the resubmission should not affect the timetable for the deal, so long as FIRB reaches a decision within 30 days.

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Tags Mergers and acquisitionsminingFelix ResourcesFIRB

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