Regent Pacific Bids $341M For Aussie Iron Ore Miner

Law360, New York (January 21, 2011, 7:50 PM EST) -- China's Regent Pacific Group Ltd. has agreed to snap up Australia iron ore producer BC Iron Ltd. for AU$345 million (US$341 million) to gain a foothold in the country's iron ore-rich Pilbara region.

Regent Pacific said Thursday it would buy all BCI's remaining stock at AU$3.30 in cash per share. Regent Pacific currently owns nearly 20 percent of the company's stock.

Jamie Gibson, CEO of Regent Pacific, called the purchase an “important step in our diversification.”

“We have been a long-term shareholder and supporter in BCI...
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