Sundance boss not confident on Hanlong bid after chairman detained

Australia’s Sundance Resources Ltd said it is not confident suitor Hanlong Mining will meet a deadline to prove financing for its US$1.4 billion (HK$10.9 billion) takeover bid after the apparent detention of the Chinese company’s chairman.

Sundance has threatened to walk away from the long-delayed deal if Hanlong misses any further milestones and is in talks with other potential partners to develop its roughly US$5 billion (HK$38.8 billion) Mbalam iron ore project on the border of Cameroon and the Republic of Congo.

via Business feed http://www.scmp.com/business/companies/article/1196121/sundance-boss-not-confident-hanlong-bid-after-chairman-detained