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Australia stops China firm's bid

THE AUSTRALIAN government yesterday cited national security concerns to block a A$2.6 billion (€1.35 billion) bid by China's Minmetals for Oz Minerals, fuelling doubts about Beijing's ability to secure backing for other deals in the resource-rich country.

Canberra rejected the recommended cash offer on the grounds that the mining group’s flagship asset is located in a military zone in South Australia.

Wayne Swan, the Australian treasurer, said that he would consider "alternative proposals" from the Beijing-based metals group but would thwart any deal that again included Oz Minerals' Prominent Hill copper and gold mine, located in the Woomera Prohibited Area. The area includes a weapons testing range. – (Financial Times)

World’s oldest bank requests bailout

Monte dei Paschi di Siena, the Italian bank that claims to be the world’s oldest, turned to the government yesterday for aid for the first time in its 537-year history, announcing it would ask for a €1.9 billion ($2.5 billion) capital injection.

MPS has become stretched by its €9 billion purchase in 2007 of Antonveneta, a regional bank, just as the banking bubble was reaching its peak.