Wonder what happened to Aquarius??
Australia's Aquarius Bids For South Africa's Kroondal
Thursday, December 21, 2000 03:37 AM ET
SYDNEY -(Dow Jones)- Australia's Aquarius Platinum Ltd. (A.AQP) said Thursday it will offer ZAR32 a share in cash (equivalent to A$7.50 a share) for the rest of South African miner Kroondal Platinum Mines Ltd. (A.KPM) that it doesn't already own.
Aquarius, which holds 50.7% of Kroondal ordinary shares, said the cash offer will be funded through a combination of debt and cash.
The offer values the Aquarius bid around A$147 million.
"The unconditional cash offer replaces the previous proposal for Aquarius to acquire the outstanding shares and options in Kroondal by way of a scheme of arrangement," Aquarius said in a statement to the Australian Stock Exchange.
The bidder has secured debt financing of ZAR504 million to fund the cash offer for Kroondal.
Impala Platinum Holdings Ltd. (O.IM) has a 12% stake in Aquarius.
Aquarius shares fell 2.7%, or 25 cents, to A$9.10 on low volume.
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2000 Dow Jones & Company, Inc.
All Rights Reserved
Copyright (C) 2000 Dow Jones & Company, Inc. All Rights
Reserved.
Edit:> Answer is nothing,...yet!
Northam shows an interest in Kroondal
--------------------------------------------------------------------------------
SA PLATINUM producer Northam Platinum said on Thursday it was interested in acquiring rival Kroondal Platinum Mines.
In a cautionary announcement to SA's JSE Securities Exchange, Northam said it would consider a price of R40 a Kroondal share and R30,80 a Kroondal option, with an eye to gaining full control of the junior platinum producer.
Kroondal is already subject to a full takeover bid by Aquarius Platinum, which already owns more than 50% of Kroondal.
While Northam's offer is at a 25% premium to Aquarius's offer of R32 a share, Kroondal was last trading at R33,30 — up 30c or 0,91% on the day.
Northam, meanwhile, was 80c or 4,79% lower at R15.90. — I-Net Bridge |
