Aditya Birla Minerals takeover receives Reserve Bank of India Approval

Company News

by Jessica Ellerm

Aditya Birla Minerals Limited (ASX:ABY) has announced it has been advised by Hindalco that it has received approval from the Reserve Bank of India in relation to Metals X Limited’s takeover offer for all shares of ABML.
Metals X has confirmed that it will now increase its offer to 1 Metals X share for every 4.5 ABML shares, plus an additional 8 cents per ABML share. 
Hindalco has indicated once Metals X makes the formal variation it will accept the offer and control of ABML will pass to Metals X.
In the absence of a superior proposal, the ABML Board has advised shareholders to accept the Metals X Offer once the formal variation is confirmed.
Aditya Birla Minerals Limited reported a net loss of $190.4 million at 31 March 2016.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.