chinese-soe-offers-17-billion-for-oz-minerals

Chinese SOE offers $1.7 billion for Oz Minerals

After Chinalco's deal with Rio Tinto, another Australian metals company turns to a Chinese buyer to resolve pressing debt issues. Regulators have yet to bless either deal.

In the latest move by China to secure natural resources, China Minmetals Corporation has made an offer to buy Oz Minerals for an equity value of A$2.6 billion $1.7 billion.

Minmetals is offering 82.5 Australian cents per share for all outstanding shares of Oz Minerals. The offer price represents a premium of 50% to the last traded price of Oz Minerals on November 27. The Australian firm has been suspended from trading since early December as it has been trying to restructure its debt.

Oz Minerals will still try to sell some agreed assets -- the Martabe gold and silver project in Indonesia and the Golden Grove polymetallic mine...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222