Sundance shares plunge after Hanlong deal delay

Shares in Australian iron ore miner Sundance Resources plunged as much as 14 per cent on Wednesday, after it said its takeover by Hanglong Group would be delayed to the end of January, as the Chinese company has not yet obtained the necessary funding. Hanlong has told Sundance it will not be able to deliver key paperwork by December 13 as initially agreed because China Development Bank, which is providing the majority of funding for the deal, has requested further information. The deal had been due to close on January 8. Sundance shares were down 11.0 per cent to A$0.34 in early trade.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1097874/sundance-shares-plunge-after-hanlong-deal-delay