China Withdraws $435 M Takeover Bid Into Iron Ore Miner Western Desert

By Esther Tanquintic-Misa,

Shutterstock photo

In a move that caught Australian iron ore miner Western Desert Resources ( WDR ) off guard, its lone suitor Chinese company Meijin Energy Group has withdrawn its $435 million takeover bid into the Northern Territory-based company.

Investor confidence was immediately affected, triggering shares to plummet 61 cents per share in early trade on Tuesday, before recovering to close at 64 cents per share.

Read More on International Business Times

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: WDR

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