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While the dust of Australia Prime Minister Scott Morrison’s overreaction to a satirical image tweeted by a Chinese diplomat – and subsequent rhetorical clashes with Beijing – has yet to settle, another much more pressing challenge has been put on Morrison’s desk. The passage of the Foreign Relations Bill has given Canberra the power to scrap Victoria’s Belt and Road Initiative (BRI) deal. Will Morrison act on his long-felt and justifiable wish now to ensure a consistent national foreign policy? Beijing is watching, and Canberra is thinking. However, I argue that Canberra needs to keep the BRI deal, at least for now.
Russians, Chinese, Ghanaians in 2020â²s craziest takeover fight
Dec 17, 2020 â 11.42pm
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If you thought 2020 couldnât get any weirder, youâve not followed the $594 million takeover battle for West Australian gold miner Cardinal Resources.
The tale involves Australiaâs storied Takeovers Panel getting sandwiched between Chinaâs (state-owned) second-largest gold miner, a billionaire Russian oligarch and a little known Ghanaian mining company.
Itâs a three-way fight for gold minder Cardinal Resources.Â
Louie Davis
The feud came to the boil in October when Chinaâs Shandong Gold lobbed a âbest and finalâ $1 per share takeover bid for Cardinal in pursuit of its 5.1 million ounce gold tenements in Ghana.
Infratil Limited (NZX: IFT) Acquisition of Qscan Unconditional Friday 18th December 2020
On 26 October 2020, Infratil Limited announced that it had executed a conditional binding offer to acquire up to 60% of Qscan Group Holdings Pty Ltd (“Qscan”) from Quadrant Private Equity (“QPE”) and existing doctor and management shareholders, for total cash equity consideration of up to A$330 million. Infratil’s offer was made in conjunction with the Morrison & Co Growth Infrastructure Fund (“MGIF”), which conditionally offered to acquire up to ~15% of Qscan.
Infratil confirms that it has now obtained approval from the Foreign Investment Review Board of Australia, which satisfies the only remaining condition. Completion of the transaction is expected to occur on 22 December 2020.
Farmers back Australia taking China to WTO over barley
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Farmers back Australia taking China to WTO over barley
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Australian exporters have backed the Morrison government s move to take China to the World Trade Organisation over its trade strike on barley, as the nine-month $20 billion fight between the trading partners enters the multilateral arena.
The decision by Trade Minister Simon Birmingham on Wednesday follows a shutdown of ministerial contact between Canberra and Beijing, accusations of economic coercion and frustration boiling over on both sides as diplomatic relations plummet to their lowest level in 50 years.
FIRB must avoid puerile domestic politics on China: miners
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Australia s Foreign Investment Review Board is failing to provide reasons for blocking Chinese investment, and sparking tensions that make it harder for local companies to raise funds, according a mining industry lobby group.
The Association of Mining and Exploration Companies chief executive, Warren Pearce, said puerile domestic politics must not drive FIRB decisions in relation to China, which has this year blocked or delayed imports of many Australian commodities, including coal.
Writing to members on Wednesday, Mr Pearce warned against any further escalation in tensions with China and indicated FIRB s approach needed to change.