|
BIZCHINA> Top Biz News
![]() |
|
China Minmetals, OZ Minerals ink $1.21b takeover deal
By Song Jingli (chinadaily.com.cn)
Updated: 2009-04-15 17:27 Debt-laden Australian miner OZ Minerals announced on Tuesday it had signed a $1.21 billion takeover deal with China Minmetals which would leave it with A$500 million ($366 million) in cash.
"Once implemented this transaction will provide a complete solution to our financing issues and see shareholders retain their OZ Minerals shares and therefore exposure to the Prominent Hill operation and its long-term growth profile," said Andrew Michelmore, OZ's chief executive officer. OZ said it expected the deal, which is yet to be approved by Chinese regulators and Australia's foreign investments review board as well as its shareholders, to go through in late June. To ensure a smooth acquisition, OZ pledged not to voluntarily make contacts with any third party that also intends to bid for it, and agreed to pay a break fee of some $12 million to Minmetals if it breaches the above pledge or the deal eventually collapses owing to reasons on the OZ side. Australian authorities turned down Minmetals' takeover bid for OZ on March 27, citing national security concerns. The current agreement was based on a revised proposal produced by Minmetals on April 1. (For more biz stories, please visit Industries)
|
|||||
鄂温| 中江县| 芮城县| 淳化县| 咸丰县| 北安市| 张掖市| 濉溪县| 延川县| 遂昌县| 酒泉市| 商河县| 巴里| 休宁县| 吉木乃县| 海丰县| 元朗区| 颍上县| 武宣县| 隆化县| 无为县| 东兴市| 朝阳区| 南京市| 广元市| 太白县| 洪洞县| 温州市| 武穴市| 大足县| 柯坪县| 邯郸县| 海城市| 福安市| 陆河县| 紫阳县| 彭阳县| 阳曲县| 洪洞县| 嫩江县| 抚松县|