Takeovers Panel wants no part in Cardinal battle

The Australian Takeovers Panel has declined to intervene in the battle between Russian gold miner Nordgold and China’s Shandong Gold Mining for control of ASX- and TSX-listed Cardinal Resources

All the invested parties have individually approached the Takeovers Panel, urging an intervention to resolve a gridlock between Shandong Gold Mining and Nordgold.

Nordgold had requested affirmation that Shandong would be unable to increase its A$1 a share final offer, while Shandong was hoping to be granted leave to do just that.