Hanlong's $1.8B Sundance Takeover On Verge Of Clearance

Law360, New York (August 1, 2012, 10:37 PM EDT) -- Hanlong Mining Investment Pty Ltd. was poised Wednesday to announce the long-awaited Chinese clearance of Hanlong's AU$1.7 billion ($1.8 billion) bid to take over Australian iron ore producer Sundance Resources Ltd., an important regulatory hurdle.

Sundance suspended trading of its shares after Tuesday's close, “pending an announcement as to the issue of National Development Reform Commission approval” for the buyout, according to a letter the target company's secretary, Brian Conrick, sent to the Australian Stock Exchange.

Conrick anticipated that the companies would make an announcement prior...
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