Hanglong secures finance for Sundance takeover

The Chinese company Hanlong has secured a fresh round of funding to finance its take-over of Sundance Resources.

Sundance, which is a Perth-based iron ore company with interests in West Africa, says Hanlong Africa Mining has secured a further $438-million US from a Chinese bank.

The funding, along with previous finance Hanlong has secured for the deal, now exceeds the take-over offer.

Initially, Hanlong offered 57 cents a share but reduced the offer after Chinese regulators ordered the move following a fall in iron ore prices.

Sundance then accepted a reduced take-over offer of 45 cents a share.

The original offer valued Sundance at $1.65 billion while the revised offer is worth $1.37 billion.

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