Hanlong Group plans to complete takeover of Sundance Resources by March
It is thought that Australia's Sundance Resources will be owned by China's Hanlong Group in March.
China's Hanlong Group is planning to complete its takeover of Australia's Sundance Resources by March 2013, it has been reported.
Hanlong launched its acquisition bid for Sundance back in October 2011, but the offer price was cut earlier this year.
A potential deal was also stalled even further by the China Development Bank's reluctance to sign off a loan.
However, Australian media now quotes Xinhua as saying that the takeover will go ahead by March 1st 2013 at a price of 45 cents per share.
Hanlong is keen to own Sundance in order to expand its operations in Africa, with the Republic of Congo having recently granted the latter a key mining permit.
Shares of Sundance jumped by 17 per cent when the development came to light today (December 31st).
It comes after the China National Offshore Oil Corporation completed negotiation strategies and took over Canadian energy company Nexen earlier this month.