Wuhan Iron & Steel mulling Aquila bid
25 August 2008
Wuhan Iron & Steel Group is considering purchasing the iron-ore assets of Australian firm Aquila Resources, the South China Morning Post reported, citing sources familiar with the situation. Wuhan Iron & Steel reportedly signed a confidentiality agreement last month, giving it access to Aquila's financial data. About half of Aquila's US$3.34 billion in assets are in iron ore. In addition to Wuhan Iron & Steel, companies including Brazil's Vale and Swiss coal, copper and mining firm Xstrata are said to be considering a purchase of Aquila's assets. Wuhan Iron & Steel is China's third-largest steel company.