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Accent Resources reveals Chinese company behind friendly takeover bid

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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
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