Aurizon Holdings Limited (ASX:AZJ) and Chinese steel giant Baosteel will compulsorily acquire Aquila Resources Limited (ASX:AQA) after the consortium boosted its interest above 90 per cent.
The consortium will acquire the remaining shares in Aquila in due course and have indicated that the company will be delisted in the future.
The bidders have recommended that Aquila shareholders accept the offer as soon as possible.
Aurizon CEO, Lance Hockridge, says the acquisition is an unprecedented opportunity for Aurizon to participate in the development of new, world-class rail and port infrastructure.
Aurizon reported a net profit of $107 million in the first half of the 2014 financial year.
