Shandong Gold Offers Revised Takeover Bid To Aussie Gold Miner

After a bidding war with Moscow-based Nord Gold, state-owned China gold mining company Shandong Gold said it would revise its intention to pursue a controlling stake in the Australian gold explorer, Cardinal Resources.

Shandong will acquire all of the Cardinal shares owned by the company's directors, who hold a collective interest of around 6.07% in the target company. The proposed acquisition will proceed with a minimum acceptance of 50.1% by Cardinal shareholders.

In June, Jinan-based Shandong Gold made an offer of A$0.60 for a minimum of 50.1% of Cardinal. But in early September Cardinal received an increased offer from Nord Gold - from A$0.66 to A$0.90 in cash per share. To outbid the contender, Shandong Gold raised its offer by 67% to A$1 ($0.725) per share.

Cardinal's board of directors now recommends shareholders accept the latest A$1 ($0.73) a share off-market takeover bid from Shandong, Mining Technology reported.

Cardinal Resources is a West African gold exploration company that owns the Namdini and Bolgatanga projects in northeastern Ghana and three gold mines in Subranum in the West African nation's southwest.

Investment Into Making Animal Alternatives Rises

Green Monday, the Hong Kong-based OmniPork manufacturer that tells consumers to go meatless at least one day a week, will raise $70 million, the largest for a plant-based meat company in Asia.

Investors include TPG's The Rise Fund, Swire Pacific, CPT Capital, Jefferies Group and Sino Group's Ng Family Trust. Part of the money will be spent on a factory in southern China's Guangdong province and to increase sales and new business partnerships, OmniPork said.

Green Monday grew from a social movement that started on Earth Day in Hong Kong in 2012. Founder Davide Yeung claims to be a longtime Buddhist and vegetarian.

The company plans to sell more than 40,000 units in retail stores in more than 20 markets in the next six months.

Alibaba Increases Stake In Express Company

Alibaba Group said it has invested 3.3 billion yuan ($486.3 million) in STO Express - increases Alibaba's 10.35% indirect stake in the Shanghai-based courier company to 25%. STO Express in August last year gave Alibaba rights to buy 31.35% of its shares by the end of 2022.

The news caused STO Express shares to fall 8.44% Tuesday. Its market capitalization fell 2.1 billion yuan.

STO Express, ZTO Express, YTO Express, Best Inc. and SF Express are the five main express delivery companies in China. Without its own fleet Alibaba has been looking to raise stakes in courier companies.

In late August Alibaba was in talks with YTO Express Group to raise its stake and to become its major shareholder. Alibaba owned more than 10% of YTO shares and, reportedly, was planning to increase that to 30%. Early in September Alibaba bought 12% of YTO Express - which brought its stake to 23%.