Glencore offers $1bn for Minara Resources

24 August 2011 (Last Updated August 24th, 2011 18:30)

Glencore International's subsidiary Glencore Investment has made an off-market cash takeover offer to acquire all the shares of Minara Resources for A$1.01bn (US$1.06bn). According to the proposed offer, Glencore will pay Minara Resources' shareholders A$0.87 (US$0.91) in cash for each

Glencore International's subsidiary Glencore Investment has made an off-market cash takeover offer to acquire all the shares of Minara Resources for A$1.01bn (US$1.06bn).

According to the proposed offer, Glencore will pay Minara Resources' shareholders A$0.87 (US$0.91) in cash for each Minara share.

Glencore's offer is expected to be closed in October 2011, subject to certain statutory prescribed occurrence conditions contemplated under Australian law.

Glencore International, which currently holds about 73% shares of Minara Resources, seeks to obtain 100% ownership of the company through this transaction.