Australia Gives Conditional OK To Yanzhou Deal

Law360, New York (October 23, 2009, 3:23 PM EDT) -- Paving the way for the largest-ever purchase of an Australian company by a Chinese firm, the Australian government has given conditional approval to Yanzhou Coal Mining Co. Ltd.’s $2.9 billion acquisition of Australian coal mining firm Felix Resources Ltd.

In order to secure the government’s approval, Yanzhou has agreed to operate Australian mines through a company headquartered in Australia and use largely Australian management and sales staff.

Yanzhou also agreed that the management company, called Yancoal Australia Proprietary Ltd., will have at least two directors whose...
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