China Withdraws Takeover Bid in Aussie Ore Miner Western Desert

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iron ore miner Western Desert Resources ( WDR ) off guard, its lone suitor Chinese company Meijin Energy Group has withdrawn its $435 million takeover bid into the Northern Territory-based company.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

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This article appears in: Investing , Commodities

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