Baosteel Resources Australia and Aurizon Operations have issued an all-cash takeover offer for Aquila Resources, valuing the West Australia-based explorer at A$1.4bn.
Aquila, which is focused on metallurgical coal, iron ore and manganese, told the ASX it received the joint takeover offer on Saturday and it will form an independent board to evaluate the proposal.
Aquila says it's been aiming to bring substantial supply of coal and iron ore to the market through two major projects in which it has 50 per cent interests - the Eagle Downs Hard Coking Coal project and the West Pilbara Iron Project.
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