Chinese company bids for control of Australian iron ore miner Sundance

( – Shares in Australian miner Sundance Resources Ltd. leaped 20 percent Monday after China’s Sichuan Hanlong Group launched a takeover bid that valued the target company at AU$1.4 billion (US$1.5 billion). Hanlong already owns 18.6 percent of the Africa-focused iron ore exploration company, which told shareholders the bid was too low.

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