Zambia (ZCCM-IH) approve Metorex-Jinchuan deal

<<

bingogo

Avatar de l’utilisateur

Administrateur du site

Messages: 4390

Inscription: Jeu 30 Juil 2009 16:48

Localisation: la seyne sur mer

Message Mar 4 Oct 2011 14:27

Zambia (ZCCM-IH) approve Metorex-Jinchuan deal

Zambia approve Metorex-Jinchuan deal


Tue Oct 4, 2011 5:35am EDT

JOHANNESBURG Oct 4 (Reuters) - South Africa and Zambia have approved the $1.1 billion bid by China's Jinchuan Group for copper and copper producer Metorex , clearing the way for the deal to be finished by November.

Metorex said in a statement on Tuesday that South Africa's Competition Commission and Zambia's Competition and Consumer Protection Commission have both approved the deal.

Jinchuan in July offered 9.1 billion ($1.1 billion) for the company, trumping an earlier bid by Brazilian giant Vale SA .

The deal was subject to regulatory approvals in South Africa, China, Zambia and the Democratic Republic of Congo (DRC).

The company also said it received consent from Zambia's ZCCM Investments Holdings and DRC's Gecamines, who have shares in the company's operations.

Metorex said it had yet to get approval from Zambia's Ministry of Finance and Chinese authorities on the deal, but said it expected the deal to close in November.

The company's shares were up 1.4 percent to 7.91 rand as of 0934 GMT, compared with a 1.8 percent fall in the broader All-share index .

The miner will be delisted from the Johannesburg Stock Exchange after the deal is completed. ($1 = 8.234 South African Rand) (Reporting by Olivia Kumwenda)
<<

Laf1986

Messages: 4998

Inscription: Jeu 30 Juil 2009 19:54

Message Mar 4 Oct 2011 14:31

Re: Zambia (ZCCM-IH) approve Metorex-Jinchuan deal

the waiver by ZCCM Investments Holdings plc of its rights to
sell its shares in Chibuluma to Metorex pursuant to Metorex's obligation
in terms of applicable laws and regulations to make an offer ("Mandatory
Offer") to the minority shareholders of Chibuluma; and

source :http://www.sys-con.com/node/2005992
<<

LesCrozes

Avatar de l’utilisateur

Membre d'honneur

Messages: 5910

Inscription: Jeu 14 Mai 2009 16:23

Message Mar 4 Oct 2011 15:24

Jinchuan takeover of Metorex progressing well

Jinchuan takeover of Metorex progressing well

04 OCTOBER, 2011 14:47
At a time when many large takeovers fall by the wayside, Jinchuan's R9.1 billion takeover of SA-based copper and cobalt miner Metorex is proceeding surprisingly smoothly.

The companies on Tuesday said that just three conditions precedent remain outstanding, which means the deal is on track to be finalised next month.

Jinchuan, a Chinese mining and refining group, in July won over Metorex after trumping a previous offer by Brazilian giant Vale.

Vale offered to buy Metorex for R7.35 a share in a deal that then valued the local company at about R7.5 billion while Jinchuan bid R8.90 a share - 21% more than Vale.

The Brazilian group backed away from the deal by refusing to sweeten its offer.

Metorex's board recommended the Jinchuan offer to shareholders soon after the termination of the implementation agreement with Vale and agreeing to pay a R75.2 million break fee.

Shareholders approved the offer last month.

Last month also saw the transaction receive the blessing of the South African Competition Commission and the Zambian Competition and Consumer Protection Commission.

Since then ZCCM Investments Holdings has agreed to waive its rights to sell its shares in Chibuluma to Metorex pursuant to Metorex's obligation in terms of applicable laws and regulations to make a mandatory offer to the minority shareholders of Chibuluma and Gecamines has waived all its rights to require Ruashi Holdings to offer its shares in Ruashi Mining for sale to Gecamines.

Metorex has also received waivers from all lenders over any change of control rights that they may otherwise have had.

This leaves three move steps to the conclusion of the deal. These include consent of the Zambian Ministry of Finance to change control of Metorex and waiver any rights to sell its special share; the obtaining of an exemption from the Zambian Securities and Exchange Commission from the obligation to make a mandatory offer to ZCCM Investments Holdings and the Zambian Ministry of Finance; and securing consents from the People's Republic of China.

With regard to the Chinese governmental consents, Jinchuan reported that good progress has been made with respect to applying for the required approvals and consents from the relevant authorities.

"Application documentation has been formally accepted by the relevant PRC authorities, and Jinchuan advises that it believes the process is progressing well and anticipates receiving the relevant approvals and consents in due course," said Metorex.

If all goes according to plan, Metorex could be delisted from the JSE before the end of the year.

Metorex CEO Terence Goodlace said last month that the transaction was an opportunity for the company to grow "further and quicker".

On Monday Metorex reported that its copper production increased by 15% quarter-on-quarter to 15,202 tons in the three months making up the September quarter from 13,218 tons in the three months to end June. Cobalt production rose by 11% to 942 tons from 849 tons in the June quarter.
Ce que l'on conçoit bien, s'énonce clairement, Et les mots pour le dire arrivent aisément. BOILEAU
<<

mgauthi4

Messages: 4605

Inscription: Dim 6 Sep 2009 20:50

Message Mar 4 Oct 2011 19:44

Re: Zambia (ZCCM-IH) approve Metorex-Jinchuan deal

preuve que les opérations continues ...

on va toucher combien sur ce coup là ???

Retourner vers About Chibuluma - Metorex

cron
Powered by phpBB - Designed by Vjacheslav Trushkin for Free Forums/DivisionCore - Traduction par: phpBB-fr.com