Aurizon, Baosteel launch $1.42bn bid for Aquila

Updated | Rail giant Aurizon is poised to gain a coveted foothold in the Pilbara after joining with Chinese steel giant Baosteel to launch a takeover bid for Aquila Resources that values the target at $1.42 billion.

Amanda Saunders

Updated May 6, 2014 – 8.38am, first published at May 5, 2014 – 8.55am

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China’s most powerful steelmaker Baosteel is making an aggressive play to unlock a new iron ore province in the West Pilbara, and is planning to help underwrite a major new $6 billion port and rail development at Anketell to service the region.

State-owned Baosteel on Monday joined forces with rail haulage giant Aurizon to lob a $1.34 billion takeover bid for Perth-based Aquila Resources .