Glencore Nears Full Control Of Nickel Miner, Holds Over 90%
October 04 2011 - 5:25PM
Dow Jones News
Switzerland-based commodity trader Glencore International PLC
(GLEN.LN) has moved within sight of full control of Australian
nickel miner Minara Resources Ltd. (MRE.AU), with its shareholding
in the company crossing a crucial threshold Wednesday.
In a regulatory announcement, Glencore said that its stake in
the Western Australia-based miner had risen to 91.46% from 85.54%
previously. That takes it above the 90% level at which it can
launch a compulsory acquisition of the remaining shares under
Australian law.
Few investors have doubted Glencore's ability to complete the
offer, first announced Aug. 24 and valuing the target company at
A$1.02 billion. Glencore already owned 73% of Minara's shares, a
40% stake in its Murrin Murrin nickel mine and processing plant,
and has two directors on the Minara board.
Minara shares closed Tuesday at Glencore's offer price of 87
Australian cents.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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