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Cardinal Resources (ASX:CDV) takeover by China’s Shandong finally wraps up // The Motley Fool Australia
The Chinese state-owned Shandong Gold’s acquisition of Cardinal Resources Ltd (ASX:CDV) is just about complete.
Shandong is one of the world’s largest gold miners, and the company announced today that it now has a relevant interest in 95.62% of all Cardinal shares. Shandong will acquire all remaining shares by 3 February 2021.
Five business days later, Cardinal’s shares will be suspended and the ASX will remove Cardinal from its official list.
A fight to the finish: China and Russia duke it out over Cardinal
The path to where we are has not been straight forward. Just a few months ago, there was a public bidding war between Shandong and Russian mining giant Nord Gold S.E. over the acquisition of Cardinal Resources.
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