Sundance Scraps Billion-Dollar Hanlong Takeover, Stocks Plunge

Bloomberg reported that Sundance Resources suffered a record plunge, with stocks falling as much as 56% after scrapping the $1.19 billion take over agreement with Hanlong.

As quoted in the market news:

Sundance, which yesterday terminated the accord after Hanlong was unable to secure funding, said it’s in talks with other groups for a stake in its $4.7 billion African iron ore project. The collapse of the deal, first agreed in October 2011, comes after Hanlong’s billionaire Chairman Liu Han, 47, was reported to have been detained last month by police in China.

Click here to read the full Bloomberg report.