| Swiss-based commodities giant Glencore Wednesday announced a takeover bid for Australian nickel miner Minara, its first major play since listing in London and Hong Kong. The off-market cash bid for the 27 percent of Minara's shares Glencore does not already own, values the cobalt and nickel firm at Aus$1.02 billion (US$1.07 billion), or 87 cents a share.
Glencore said the offer was a "substantial premium to Minara's recent trading price and an attractive exit opportunity" for shareholders after the miner reported a 31.2 percent drop in half-year profit to Aus$27.3 million..............................................Full Article: Source |