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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments, Market

Cathay pushes $830mln Discovery bid

Posted on 24 October 2012

Chinese private equity fund Cathay Fortune has turned hostile on Discovery Metals, the ASX-listed African copper producer, by going directly to shareholders with its $830 million takeover offer after its initial setback. It made a joint bid for Discovery Metals early this month with the Chinese sovereign wealth fund, China-Africa Development Fund. The board of Discovery Metals turned down the overture, saying the offer was inadequate.
The largest shareholder of Cathay Fortune, Yu Yong, said in a statement to the Australian Stock Exchange that the refusal by the board of Discovery Metals to engage with his company left it with no choice but to launch a hostile takeover bid………………………………………..Full Article: Source


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