RPT-Chalco announces delay in bid for SouthGobi stake | Reuters: "In April the Aluminum Corporation of China Ltd , better known as Chalco, announced a $926 million bid for a controlling interest in SouthGobi, which owns large coal projects close to the Chinese border.
The proposed deal has the backing of Ivanhoe Mines Ltd , which currently owns a controlling stake in SouthGobi.
But it ran into obstacles immediately, after the Mongolian said it would enact new investment rules allowing it to review deals involving foreign companies that have assets in Mongolia.
Ivanhoe and Chalco agreed to cooperate with Mongolia to ensure any requirements under the country's new strategic foreign investment legislation are satisfied.
Chalco and Ivanhoe said on Tuesday they would extend the time for Chalco to make a proportional takeover bid for up to 60 percent of the common shares of SouthGobi by 30 days."
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