Hanlong Talks To Cut Sundance Price

Reuters reported Hanlong Group is in talks to reduce the A$1.7 billion price tag it agreed to pay for Australian iron ore miner Sundance Resources (ASX:SDN).

As quoted in the market news:

Sundance said in statement that Chinese regulators had finally approved the year-old deal, but on the condition the purchase was struck at a “reasonable acquisition price”.

Trading in Sundance shares, which have fallen 40 percent since the bid was first launched, was halted.

Click here to read the full Reuters report.