Australia-based miner Mineral Resources has announced that it has acquired a 12.78 percent stake in Australia's Aquila Resources Limited, buying more than 52 million shares in the company. Mineral Resources stated that it has the financial capacity to make a meaningful contribution towards the development of the West Pilbara iron ore project and will proceed to engage with all major stakeholders including Aquila and Baosteel to facilitate the best outcome possible.
As SteelOrbis previously reported, in early May this year Aquila Resources received a A$1.42 million takeover offer from Baosteel Resources Australia Pty Ltd (Baosteel) and Australian rail and logistics company Aurizon Operations Limited (Aurizon) for all of the outstanding ordinary shares in Aquila that the bidders do not already own at a price of A$3.40 cash per share.
Media sources indicate that Mineral Resources, following its acquisition of shares, will likely make a bid for Aquila Resources, rivaling that made by Baosteel and Aurizon.