MIN AQA IOH, page-4

https://au.news.yahoo.com/thewest/business/wa/a/24219789/minres-play-sidelines-aurizon/

Chris Ellison's Mineral Resources appears to have killed off Aurizon's hope of entering the Pilbara iron ore market with a stunning deal to become Aquila Resources' third-biggest shareholder.
Angry at the prospect of being frozen out of Aquila's West Pilbara development after months of on-off partnership talks with Aquila, MinRes yesterday dealt itself into the takeover game.
It is likely to push for a project partnership with Aquila that will result in a substantial cut to West Pilbara's estimated $7.4 billion capital cost, thereby fast-tracking the asset's development and delivering MinRes a sought-after big-ticket iron ore operation.
MinRes' surprise acquisition of Aquila shareholder M&G's 12.1 per cent stake - and possibly other investors' stock - will be confirmed today with a maiden substantial shareholder notice. It will come five weeks since Queensland coal hauler Aurizon and China's Baosteel lobbed their hostile $1.4 billion takeover. Their bid valued Aquila at $3.40 a share, an offer blown out of the water by MinRes splashing out $3.75 for the M&G stock.
Aquila shares yesterday closed 12 cents higher at $3.61
MinRes was not talking last night while Aurizon was working out how it and Baosteel could stay in the bid battle after having spent more than a month arguing their $3.40 offer was fully valued.
"We are awaiting further market news but at this point we see our bid as fully valued and on the table," Aurizon said.
The Tony Poli-led Aquila, which has been resisting the Aurizon bid and is next week expected to reject the offer, also remained tight-lipped. It noted that about "50 million of its shares were traded in a block this morning at $3.75 a share together with a number of other large trades at the same price".
MinRes, which began life as a mining contractor, has increasingly focused on acquiring iron ore deposits and using its infrastructure experience as a processor and transporter. Although a customer of Aurizon's in the Yilgarn, it has responded to high rail tariffs by ordering its own rolling stock and locomotives.
Baosteel is a 20 per cent Aquila shareholder and thought to have a working relationship with MinRes. It will spark suggestions the steel mill will not object if MinRes devises an economic plan to fast-track West Pilbara's development. But Aurizon appears to be frozen out if MinRes succeeds, because its role as rail and port provider will be taken over by the Ellison company