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Article: Brazil: Glengarry and Centaurus announce merger.
- Article from:
- TendersInfo
- Article date:
- November 12, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) 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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Byline: manish03
ASX-listed iron-ore miners Glengarry Resources and Centaurus Resources on Thursday announced that they would merge to create a Brazil-focused iron-ore group.
The merged company would aim to produce between three and four-million tons a year by 2013, selling iron-ore into the Brazilian domestic steel industry.
The companies have executed an implementation agreement to effect the merger by way of an off-market takeover bid under which Glengarry would bid for all the shares in Centaurus.
The proposed merger would allow both Glengarry and Centaurus shareholders to benefit from the combination of Glengarry s strong cash ...