Sichuan Hanlong Misses Deadline for Sundance Iron Takeover

Bloomberg reported that Liu Han, the chairman of Sichuan Hanlong Group, will miss today’s deadline to move ahead with the Sundance Resources Ltd takeover, on reports he may be in police custody for sheltering a person suspected of murder.

As quoted in the market news:

Liu Han’s disappearance compounds Hanlong’s struggles to secure funding and government approval for its acquisition of the iron ore miner. Hanlong reduced its original October 2011 bid last year after iron ore prices plunged. The deadline for the term sheet was extended when China Development Bank Corp. failed to agree on a loan.

Click here to read the full Bloomberg report.