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The deal represents a growing trend of overseas organisations seeking to invest in Australia, according to Allens Arthur Robinson's Brisbane-based corporate partner Andrew Knox, who is advising Felix on the transaction.
The $16.95 per share offer, which has been recommended by the miner's board, would be China's largest ever purchase in Australia.
"Queensland can expect to see more inbound investment in the resources area in particular," said Knox.
"We have had a significant amount of interest from inbound investors as to potential opportunities. A few years ago we were working with Australian clients investing into China and elsewhere across
Asia. While that continues, it is fair to say that the legal work has shifted from outbound to inbound investment.
"Yanzhou has highlighted that they intend to increase investment in existing mines and undertake further exploration projects. You are seeing a significant amount of economic inter-connection between Queensland, Australia and Asia and that is set to accelerate," said Knox.
Trading in both Yanzhou and Felix shares were halted this week as the two firms finalised the deal, although talks were initially started last year. Initially there had been some differences over valuation.
Corrs Chambers Westgarth advised Yanzhou on the deal.
Subject to regulatory approvals, the transaction is expected to be completed by the end of the year.