ERAMET proposes takeover offer of Mineral Deposits

Company News

by Rachael Jones

French multinational mining company, ERAMET is proposing to make an off-market takeover offer to acquire all of the issued shares in Mineral Deposits (ASX:MDL)

It’s offering $1.46 cash per share.

This is an all-cash transaction that values the equity of MDL (on a fully diluted basis) at approximately $291 million.
As part of the Offer, ERAMET has acquired a relevant interest in 13.3 per cent of MDL shares from key institutional shareholders.

ERAMET and MDL each hold a 50 per cent interest in the TiZir joint venture, which operates an integrated mineral sands business in Senegal and Norway.

The Offer is intended to enable the full consolidation of the joint venture after its formation in 2011.

Mineral Deposits (ASX:MDL) closed 0.43 per cent higher yesterday at $1.16
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.