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Chinese fund offers 46% premium for Laotian gold miner
Guangdong Rising Bids $1 Billion for Copper Miner PanAust
By Byron Kaye and Sonali Paul
Reuters
Tuesday, May 13, 2014
China's Guangdong Rising Assets Management has proposed a A$1.1 billion ($1 billion) takeover offer for copper and gold miner PanAust Ltd., the second bid for an Australian resources firm by a Chinese state-owned company in two weeks.
PanAust rejected the unsolicited bid from its biggest shareholder as too low but agreed to allow it to conduct due diligence in the hope of getting a better offer.
The takeover proposal comes amid a slew of interest in Australian mining assets from Chinese firms eager to secure global resources. ...
Guangdong Rising, which owns 23 percent of the Australian firm, offered A$2.30 per share. That represents a 46 percent premium to its most recent close and values the whole company at A$1.5 billion. ...
... For the full story:
http://www.reuters.com/article/2014/05/13/australia-panaust-idUSL3N0NZ07...
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