China's largest takeover bid for an Australian company was formally launched yesterday when Yanzhou Coal Mining made a recommended cash offer for Felix Resources worth just over A$3.5bn (US$2.9bn).
The offer is pitched at A$16.95 a share, valuing Felix at A$3.33bn, but shareholders will also receive A$1 a share in guaranteed dividend payments worth an additional A$200m.
The offer must be approved by Australia's Foreign Investment Review Board and by Canberra, which has knocked back previous Chinese takeovers in Australia.
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