Canberra's approval last week of Yanzhou Coal's A$3.5bn (US$3.2bn) bid for Felix Resources, one of the largest Chinese takeovers of an Australian company, provides pointers on how foreign deals need to be structured in order to win Australian government backing.
The toughest condition laid down by Canberra was that Yancoal Australia – the entity that will own Felix, as well as Yanzhou's Austar coal mine in New South Wales – must be relisted on the local stock exchange by 2012.
By then, Yanzhou must cut its stake in its Australian entity to below 70 per cent. The Yancoal entity must have its headquarters in Australia and its chief executive and chief financial officer must have their principal residence there.
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