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Article: De Beers and Rio Tinto tussle over Ashton.(Brief Article)
- Article from:
- Israel Diamonds
- Article date:
- October 1, 2000
CopyrightCOPYRIGHT 2000 Reed Business Information, Inc. (US). 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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De Beers and Rio Tinto continued to tussle over their respective offers for the issued stock in Ashton Mining, the a 40.1 percent shareholder in the Argyle Diamond Mine, of which Rio Tinto is the majority shareholder.
Earlier this year, De Beers proposed to make an offer for all the issued shares in Ashton, in a cash transaction valued at approximately Australia $522.1 million, or A$1.62 per Ashton share, which represented a premium of 20 percent on the Ashton share price at the close of trading on the Australian Stock Exchange on July 28, 2000, or 62 percent of the Ashton share price one month prior to the announcement. Ashton's largest shareholder, Malaysia ...