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FerrAus Knocks Back Wah Nam Offer

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Australian mining company FerrAus has rejected the takeover bid from Hong Kong based Wah Nam International. The $267 million offer was formally rejected by the company in a statement to the Australian Securities Exchange. Wah Nam is currently FerrAus’s largest shareholder with an 18.9% stake in the company.

FerrAus stated that problems with the offer included the value and liquidity of Wah Nam shares that would be given to FerrAus in exchange for the deal, the dilution of shareholders' interests in FerrAus' development projects and the uncertainty of the future strategy of Wah Nam.

In a statement to its shareholder FerrAus said that the board considered the offer as a significant demonstration of the value and strategic importance that FerrAus and its assets in the Eastern Pilbara region constitute.

The board also said that the offer may be reconsidered if circumstances changed. FerrAus is at a slight disadvantage due to not having access to a railway line to get its iron ore production to the port. A drawback it hopes to remedy with a new deal for rail haulage with BHP Billiton.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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