The TEX Report Topics < Ferro Alloys > Home
HOME >> Topics List >> November, 2007 >> 27 (Tue)
Xstrata's Offer To Take Over Jubilee Mines
= Aiming To Acquire More Than 50% Of Jubilee Shares, Xstrata's Offer Expires On 6th December
Xstrata Nickel Australia Pty Limited ( Xstrata ), a wholly owned subsidiary of Xstrata plc, announced on the 26th of November that the Company's intention to take over Jubilee Mines NL ( Jubilee ) of Australia as started from the end of October targets to acquire more than 50% of Jubilee shares and our offer has been set to expire on the 6th December of 2007.

For a reference, the conditions to take over Jubilee as offered by Xstrata on the 29th of October are (1) to purchase Jubilee shares at A.$23 per share, equivalent to a premium of 35%, for 30 days from the 29th of October and (2), after that, to purchase Jubilee shares with a premium of 25%.

The Jubilee Board announced on the 15th of November that no more favorable proposal from any other party had emerged. Also, Xstrata announced on the 23rd of November that the Company is working to acquire 16.5% of Jubilee shares, which include the shares owned by Mr. Kerry Harmanis, Executive Chairman of Jubilee and the other directors.
last modified : Fri 30 Nov, 2007 [10:33]
Copyright (C) 2004 The TEX Report Ltd. All Rights Reserved.