M&As this week: Eldorado Gold Corporation, Lonmin, Glory Merry Limited


Eldorado Gold Corporation has agreed to acquire the remaining 87% stake in gold exploration and development company Integra Gold for C$590m ($430.05m).

Both companies involved in the transaction are based in Canada.

Existing Eldorado shareholders will hold approximately 90% of the combined company, while Integra shareholders will hold the remaining 10%. 

The financial advisor for the transaction is GMP Securities, while Fasken Martineau DuMoulin is the legal advisor.

UK-based Lonmin has agreed to acquire the remaining 7.5% stake in Pandora Joint Venture (PJV) from Mvelaphanda Resources Proprietary for ZAR45.565m ($3.4m) in an all-cash deal.

Lonmin is involved in production, discovery, extraction, refining and marketing of platinum group metals (PGMs), while PJV is a South Africa-based company engaged in mining and production of PGMs. 

"Existing Eldorado shareholders will hold approximately 90% of the combined company, while Integra shareholders will hold the remaining 10%."

Mvelaphanda Resources is a wholly owned subsidiary of South Africa-based Northam Platinum.

Glory Merry Limited has announced plans to acquire 100% stake in the Singapore-based company, Innovation West Mantewe, from Pan Asia Corporation for $9.25m in all-cash deal.

Glory Merry is a multi-sector player engaged in property, construction, palm oil plantation, bauxite and nickel ore mining businesses, while Pan Asia Corporation is a coal exploration and development company.

Innovation West Mantewe holds 75% stake in PT Transcoal Minergy.

Indonesia-based PT Golden Energy Mines (GEM) has agreed to acquire a 100% stake in PT Dwikarya Sejati Utama, PT Duta Surana Internusa, PT Unsoco and PT Barasentosa Lestari from GMR Energy Netherlands (GEN) and GMR Infrastructure Overseas (GIO). 

All the acquiring companies are based in Indonesia, while GEN is Netherlands-based and GIO is Mauritius-based.