logo-loader
viewAccent Resources

Accent Resources reveals Chinese company behind friendly takeover bid

au_china_ball350_4eadd5cf94acd.jpg

Accent Resources (ASX: ACS) has revealed that it has been in talks with Xingang Resources regarding the latter’s proposed acquisition of Accent.

Accent first revealed it was in friendly takeover talks in May 2011 following discussions to sell the Magnetite Range Iron Ore project.

The company said it had been in talks with more than 10 Chinese parties regarding the sale of the project.

However, Accent had remained silent about which company had made the approach.

The company today received written advice from Xingang stating that the latter did not believe it could maintain confidentiality as it progressed the final stages of the agreement.

Xingang has arranged funding and received all necessary approvals in China for the acquisition, and has also confirmed with the Foreign Investment Review Board that Australian approval is not required for the deal.

Xingang expects to finalise the terms of its proposed takeover bid for Accent by the end of November.

Accent owns a handful of gold and iron projects in Western Australia.

Quick facts: Accent Resources

Price: 0.005 AUD

ASX:ACS
Market: ASX
Market Cap: $905 k
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Thunderbird Entertainment sees strong third quarter results...

Thunderbird Entertainment (CVE: TBRD-OTC: THBRF) CEO Jennifer Twiner McCarron joined Steve Darling from Proactive Vancouver to share news the company has released their 3rd quarter financial numbers which saw a 40 per cent increase from Q-3 of last year. Twiner-McCarron talks about what led...

18 hours, 58 minutes ago

2 min read