Sundance takeover delayed again

The A$1.37 billion ($1.43 billion) takeover of Sundance Resources by Hanlong Mining has been postponed again as the suitor awaits an approval from China’s economic planner.

February 4, 2013

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Sundance on Monday February 4 requested an extension for the voluntary suspension of its securities, which started on January 31.

The iron ore junior is seeking a confirmation that Hanlong has received an extension to the provisional approval from China’s National Development and Reform Commission for the all-share takeover.

Sundance said the extension will be confirmed before Chinese New Year holiday, which starts on February 9.

The scheme meeting with shareholders has now been postponed to May 2 while the deadline for Chinese regulatory approvals to be secured is 5pm on May 9, a statement from the company noted.

The takeover is now expected to be finalised on June 7, from the previously set February 22.

The construction of Sundance’s 35-million-tpy Mbalam iron ore project is scheduled to begin in the second half of 2013.