Baosteel Resources Australia, a wholly-owned subsidiary of Baosteel Resources International, and Aurizon Operations, a wholly-owned subsidiary of Aurizon Holdings, a leading Australian bulk rail freight operator, will not be increasing its $3.40-per share cash offer for Aquila Resources, according to a local news report.
Baosteel already has a 20% stake in Aquila, but following news that Perth-based iron ore developer Mineral Resources has taken a 12% stake in the company – enabling it to develop and operate Aquila's West Pilbara iron ore project – it is viewed as unlikely that Baosteel/Aurizon will put in a new offer.
