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SYDNEY, Australia (AP) - China's state-backed Sinosteel Corp. launched a 1.2 billion Australian dollar ($1.1 billion) takeover bid Friday for iron ore miner Midwest in the first hostile approach by a Chinese company for an Australian one.
Sinosteel, China's No. 2 iron ore importer, said it is offering A$5.60 ($5.21) for each Midwest Corp. Ltd. share — 35 percent more than Midwest's closing price Thursday.
Midwest shares surged more than 30 percent Friday to as high as A$5.48 before closing at A$5.43 ($5.06).
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