Minmetals offers $1.7b for Oz Minerals
Monday, February 16 2009 - 09:24 AM WIB
Minmetals and Oz Minerals said the transaction, pitched at A$82.5 cents per share, or 50 percent above Oz Minerals' last traded price, will pay off all Oz Minerals' outstanding debts and maintain the company's mining activities, which were under threat of being sold or liquidated.
The offer has been unanimously recommended by Oz Minerals' board in the absence of a superior one.
Oz Minerals has been trying to unload assets across Australia, Southeast Asia, North America and North Africa to help it meet a Feb. 27 deadline to repay a 140 million dollar loan.
Oz will continue to pursue the sale of its undeveloped Martabe gold and silver mine in North Sumatra and the Golden Grove zinc and copper mine in Australia, it said.(denny)