China's Baosteel and Aurizon are in control of miner Aquila Resources after increasing their stake to 81 per cent.
Australia's largest freight rail group Aurizon said the joint bidders had increased their stake in the iron ore company from 29.1 per cent to 69.3 per cent by Thursday, and then received further acceptances on Friday to take their interest to 81 per cent.
The passing of a 50 per cent threshold makes the $1.4 billion takeover bid unconditional and certain to go ahead.
Remaining Aquila shareholders have until July 25 to accept the $3.40 a share bid.
Aquila's key prize is its 50 per cent stake in the West Pilbara iron ore project, with Baosteel interested in the iron ore and Aurizon the chance to haul it over 280km of rail to a new port at Anketell near Karratha.
Aquila's directors agreed to the hostile approach this week, with co-founder and chairman Tony Poli selling his 29 per cent stake.
Mr Poli, ranked 139 on the latest BRW Rich list, collected $400 million for his stake.
Australia's Mineral Resources had made a rival bid for Aquila, valuing it at $3.75 a share in what would have been a share swap offer.
However, with iron ore prices and Aquila's share price plunging, the takeover target preferred Bao and Aurizon's cash offer, despite believing it was not a fair price, and Mineral Resources has agreed to sell its 12.8 per cent stake.
Baosteel is China's largest steelmaker and will control 85 per cent of Aquila while Aurizon, Australia's largest freight rail group, will have 15 per cent.
Aquila's shares dropped one cent to $3.39, while Aurizon was steady at $5.08.
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