shareholder

Shandong Group, China's third largest gold producer plans to take a majority stake in junior gold miner, Focus Minerals (ASX:FML). Focus Minerals had taken over Crescent Gold last year. Shandong is offering $227.5 million at 5 cents per share to take a 51 percent stake in Focus Minerals.

• The price will be at a 13.6 percent premium to its closing price on Wednesday – which was 4.4 cents per share.

South East Asian gambling group, Genting has sold down its share of Echo Entertainment (ASX:EGP) in an announcement to the ASX stockmarket overnight.

• Genting had increased its stake in Echo Entertainment group earlier in the year and had sought approval from regulatory authorities to expand its shareholding.
• Genting was looking to sell 4.8 percent or 39.6 million shares in Echo Group through its broker Citigroup.

Hastings Diversified Utilities Fund (HDF) has released its target statement today rejecting the takeover offer that it has received from rival APA Group in mid-December. The company board is recommending its investors to reject the offer as it undervalues the company.

Spotless Group (SPT) shareholders are close to calling an extraordinary general meeting and oust its board after bidder Pacific Equity Partners (PEP) disagreed to raise its bid to $2.80 without access to due-digiligence, as suggested by the facilities and services company.

Australian engineering firm Clough (CLO) may soon have a new owner as its major shareholder Murray and Roberts Holdings said yesterday that it is thinking of selling a part or all of its stake in the Australian company. The South African engineering and construction company currently owns 62 per cent stake of Clough.

Kerry Stokes, the executive chairman of Seven Network (SEV) has launched the mission to hunt new independent directors just before the meeting with the Australian Shareholders Association (ASA) regarding the $3 billion worth of merger. Peter Ritchie, the lead independent director of Seven along with Peter Gammell, the executive director of the company are expected to hold a meeting with the Association today to talk about various points of the proposed deal.