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Baosteel to buy 15% of Australia's Aquila

(chinadaily.com.cn)
Updated: 2009-08-28 13:49

Baosteel Group, China's largest steelmaker, agreed to buy 15 percent of Australian miner Aquila Resources for AU$290 million ($240 million) in cash, people.com.cn reported Friday.

The deal is still subject to governmental approval from both countries.

Baosteel will be the second largest shareholder if the deal gets the nod and will have one representative sit on Aquila's board as part of the investment agreement.