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Tuesday, 31st March 2009 (662 views)

A revised offer has been made as China Minmetals Non-Ferrous Metals continues its attempt to acquire Australian mining company Oz Minerals.

Last week, the Treasurer of Australia blocked a proposed takeover on the grounds of national security.

Concerns related to the Prominent Hill mine, as this is located near the Woomera Prohibited Area - a weapons testing range.

However, Minmetals has now submitted an offer that excludes this from the deal, as well as the Martabe mine in Indonesia.

The revised proposal also sees Oz Minerals' portfolio of listed assets, including Toro Energy Limited, exempt from the acquisition.

Oz Minerals is also seeking an extension to its refinancing date - issues that the takeover is expected to resolve - and has requested that its shares be suspended as negotiations continue.

In February, the company's board of directors unanimously recommended shareholders to accept Minmetals offer, which was 82.5 cents (40p) per share for all outstanding stock.

 

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