Coal miner Felix Resources Ltd
(ASX:FLX) says its Chinese suitor Yanzhou Coal Mining Company has withdrawn and resubmitted its application to the Foreign Investment Review board to acquire Felix, unchanged.
Yanzhou Coal has made a takeover offer for Felix that values the company at over $3 billion.
In a statement the Chinese company says its decision to resubmit its application was in order to facilitate the approval processes by the relevant regulatory authorities for the acquisition.
Yanzhou Coal Mining says it has been communicating and continues to communicate with the relevant regulatory authorities of the People’s Republic of China Government and the Australian Government about the transaction.
The decision to resubmit its application is not expected to delay the transaction timetable which was set out at the time the takeover offer was announced.
Looking at the past five years Felix Resources best net profit was in 2008.
