China’s Guangdong in possible US$405m bid for Caledon
- Publishing Date
- 08 Nov 2010 11:52am GMT
- Author
- Mining Journal
Guangdong Rising Assets Management Co Ltd (GRAM) may, through a subsidiary, make a £251.6 million (US$405 million) bid for Australian coking-coal miner, Caledon Resources plc.
The Chinese state-owned investment group hopes to satisfy certain pre-conditions to a bid by December 31, including Chinese regulatory approvals, financing terms and the unanimous recommendation of the offer by the Caledon board.
The Caledon directors, advised by RBC Capital Markets, have indicated they are supportive of the possible acquisition.
The potential offer price of £1.12/share is a 34% premium to the most recent closing price and 53% more than the 20-day average price.
In 2009, GRAM recently purchased a 19.9% stake in PanAust Ltd, the ASX-listed copper and gold miner for A$215 million. At the end of 2009, the group had total assets of £4.8 billion.
GRAM says the deal would form part of its strategy to acquire coal assets to satisfy demand in Guandong Province and adjacent provinces.
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