Yanzhou bid hit by delay

Australia's demand for Chinese firm Yanzhou Coal to resubmit its request for approval for a $2.9-billion takeover of Felix Resources failed to shake market confidence that the deal would go ahead.

Felix said yesterday that the Foreign Investment Review Board (FIRB) had sought the move without giving details.

"We continue to work with the government and respect its processes. We are happy to resubmit," said Yanzhou Coal's spokesman in Australia, Ian Smith.