The takeover for Felix Resources
(ASX:FLX) is one step closer after Yanzhou Coal Mining announced it has obtained approval from the China Securities Regulatory Commission for its $3.5 billion takeover of Felix.
Felix said yesterday that 99.8 percent of votes from its shareholders were in favor of the deal.
China’s National Development and Reform Commission gave its approval to the scheme on Monday and approval will now be sought from the Federal Court of Australia for the biggest purchase of an Australian company by a Chinese firm.
Felix Resources’ 2009 net profit was $267.43 million.
