The bid represents a watershed moment for the Australian capital markets as it is the first time that a major takeover bid has been made jointly by a Chinese State-owned entity and an Australian listed company.

Minter Ellison is acting as legal adviser to Baosteel, with a team led by partner Adam Handley supported by partner Alberto Colla and Bart Oude-Vrielink, senior legal consultant Robert Austin, senior associate Bryn Davis and lawyers Matthew Caddy and Su Ern Lee. Mr Handley has advised Baosteel on all of its major legal matters in Australia since 2007, including the acquisition of its initial stake in Aquila in 2009.

On 3 July 2014, the bidders and Aquila entered into a Takeover Implementation Agreement pursuant to which, upon Mr Tony Poli accepting into the bid for his 28.9% stake, the bid would be declared unconditional and extended, and the board would be subject to an orderly restructure so that the bidders' nominees hold a majority of the board positions.

Mr Handley said the success of the joint bid is a wonderful example of cross-border and cross-cultural co-operation and a testament to the strong commitment and relationship that Baosteel and Aurizon share. "As a foreign investor, Baosteel acknowledges the significant investment opportunities that exist within Australia's natural resources market, and in particular the West Pilbara region. Baosteel increasing its stake in Aquila is further evidence of this," Mr Handley said.

He noted that the development of Aquila's two key projects, the West Pilbara Iron Ore Project in Western Australia and the Eagle Downs Project in Queensland, have the potential to significantly contribute to Australia's economic output.

The bid was subject to Foreign Investment Review Board (FIRB) approval, which was obtained by the bidders on 29 May 2014.