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.
February 16, 2009

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...

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