Wednesday, May 28, 2008

Sinosteel Won't Increase Offer Price for Australia's Midwest

Sinosteel Corp., bidding to buy Midwest Corp., won't increase its cash offer price for the Australian iron ore mining company. Sinosteel won't raise its offer beyond A$6.38 ($6.13) a share, the Beijing-based company said today in a statement to the Australian stock exchange. It extended its offer, which values Perth-based Midwest at A$1.36 billion ($1.3 billion), until June 13.

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