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China Minmetals, OZ Minerals ink $1.21b takeover deal

By Song Jingli (chinadaily.com.cn)
Updated: 2009-04-15 17:27

Debt-laden Australian miner OZ Minerals announced on Tuesday it had signed a $1.21 billion takeover deal with China Minmetals which would leave it with A$500 million ($366 million) in cash.

Related readings:  OZ gets revised Minmetals bid  Minmetals to put overseas minerals assets into OZ Minerals  OZ gets revised Minmetals bid

The revised bid is well below Minmetals' original $1.7 billion offer, and excludes the flagship Prominent Hill mine and other "sensitive assets".

"Once implemented this transaction will provide a complete solution to our financing issues and see shareholders retain their OZ Minerals shares and therefore exposure to the Prominent Hill operation and its long-term growth profile," said Andrew Michelmore, OZ's chief executive officer.

OZ said it expected the deal, which is yet to be approved by Chinese regulators and Australia's foreign investments review board as well as its shareholders, to go through in late June.

To ensure a smooth acquisition, OZ pledged not to voluntarily make contacts with any third party that also intends to bid for it, and agreed to pay a break fee of some $12 million to Minmetals if it breaches the above pledge or the deal eventually collapses owing to reasons on the OZ side.

Australian authorities turned down Minmetals' takeover bid for OZ on March 27, citing national security concerns. The current agreement was based on a revised proposal produced by Minmetals on April 1.