Business
Russians at war with China over Aussie gold company – The Australian Financial Review
A Russian billionaire has moved to shut out China in the battle for control of Cardinal Resources and its African gold project.
State-owned Shandong, China’s second-biggest gold producer, responded in June with a $300 million off-market takeover offer pitched at 60¢ a share.
Nordgold and Shandong have continued their bidding war since then, with Nordgold increasing its stake to about 28 per cent and Shandong holding about 12 per cent of the stock.
Cardinal shares were trading at $1.03 on Wednesday, with the board urging shareholders to await further advice.
“Cardinal is currently considering the implications of the increased…
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