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FACTBOX: Australian Foreign Investment Deals Blocked

SYDNEY -(Dow Jones)- Australia's Foreign Investment Review Board rarely rejects applications outright, but several takeover attempts have been abandoned in recent years while the regulator was reviewing the case, or after it demanded modifications. *In 2001, then-Treasurer Peter Costello blocked Royal Dutch Shell PLC (RDSB.LN)'s attempt to take over Woodside Petroleum Ltd. (WPL.AU), citing concerns that Shell could control the North West Shelf offshore gas field, leading to diminished production from the field. *In 2008, state-owned Sinosteel Corporation abandoned a bid to acquire 100% of iron ore miner Murchison Metals Ltd. (MMX.AU) after FIRB extended its review of the application. The regulator later approved Sinosteel purchasing a 49.9% stake in the miner, but Sinosteel did not take up the offer. *In 2009, Treasurer Wayne Swan ordered that state-owned China Minmetals Non-Ferrous Metals Co Ltd could only takeover OZ Minerals Ltd. (OZL.AU) if it excised the Prominent Hill copper-gold mine, which lies inside the Woomera Prohibited Area, a weapons testing range. Minmetals took over all OZ Minerals' other assets to form Minerals and Metals Group Ltd., now Minmetals Resources Ltd. (1208.HK), while Prominent Hill was left as the only asset held by OZ Minerals. *In 2009, state-owned China Nonferrous Metals Mining Co. Ltd. walked away from an offer for Lynas Corp. Ltd. (LYC.AU) after FIRB indicated it would only accept a bid for less than 50% of the company. Internal documents later indicated concerns about China's control of the global market in the rare earths mined by Lynas. *In 2009, state-owned Aluminum Corp. of China Ltd. (ACH) walked away from a bid to double its stake in Rio Tinto PLC (RIO.LN), the company's U.K. listing, to 19% amidst political opposition to the deal within Australia. The deal would have raised Chinalco's holding in the company's Australian listing Rio Tinto Ltd. (RIO.AU) to 14.9%. Swan had approved Chinalco raising its stake in the U.K. listing to 14.99% the previous year, but the deal was abandoned before an application for the renewed bid was completed. -By David Fickling, Dow Jones Newswires; +61 2 8272 4689; [email protected]

Stock News for Cemex (CX)
DateTimeHeadline
03/14/201717:00:00Cemex Launches CEMEX Ventures
03/08/201717:00:00CEMEX to Host Its Annual CEMEX Day on March 16, 2017
02/28/201716:15:00CEMEX Announces Early Tender Results for Certain Senior Secured...
02/13/201721:00:00CEMEX Announces Tender Offer for 7.250% Senior Secured Notes...
02/10/201717:00:00Cemex and Eagle Finalize Sale of Fairborn Cement Plant in U.S.
02/10/201706:37:00CEMEX and GCC Announce Pricing of 15.6% Stake in Grupo Cementos...
02/09/201706:15:00Cemex Reports Tenfold Increase in Net Income
02/02/201718:27:00CEMEX Recognized as “Industry Mover” in Corporate Sustainability
01/31/201717:30:00CEMEX and QUIKRETE Finalize Sale of U.S. Reinforced Concrete...
01/30/201720:00:00CEMEX Upgraded by S&P Global Ratings
01/25/201706:30:00CEMEX and GCC Announce Offering to Sell up to 23% Stake in Grupo...
01/24/201718:00:00CEMEX Subsidiary Announces Successful Offer and Take-over Bid...
01/09/201706:35:00CEMEX Announces Change and Variation to Take-Over Bid for Trinidad...
12/15/201617:30:00CEMEX Closes Sale of Ventika Stake
12/06/201606:30:00CEMEX Makes Significant Progress towards Investment Grade
12/05/201606:30:00CEMEX Announces Take-over Bid for Trinidad Cement Limited at...
12/04/201619:32:00CEMEX Reaffirms Its Commitment to Biodiversity Protection in...
12/02/201617:30:00CEMEX to Divest Ready-Mix Concrete Pumping Assets in Mexico
11/30/201619:30:00CEMEX Prepays 2017 Maturity in Credit Agreement, Has No Significant...
11/28/201617:00:00CEMEX and Quikrete Agree on Terms and Conditions for Sale of...

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