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Article: OZ MINERALS RECOMMENDS CHINA MINMETALS TAKEOVER OFFER.
- Article from:
- AsiaPulse News
- Article date:
- February 16, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MELBOURNE, Feb 16 Asia Pulse - Debt-laden copper and gold producer OZ Minerals Ltd (ASX:OZL) has recommended a A$2.6 billion (US$1.7 billion) takeover offer from China Minmetals Non-ferrous Metals Company Ltd (HKSE:1208).
Minmetals is offering 82.5 cents for each share in OZ Minerals, which is seeking to refinance A$1 billion of debt by February 27, with the proposed acquisition to be completed via a scheme of arrangement.
"The board has determined that Minmetals' cash proposal is in the best interests of OZ Minerals' shareholders and believes this is the best outcome for shareholders compared with any of the other options available to us," chairman ...