PanAust Limited (ASX:PNA)
says Guangdong Rising Assets Management has upped its stake in the company from 55.6 per cent to 70.43 per cent.
The copper and gold miner has been in takeover talks with the Chinese state owned GRAM with the offer on the table at $1.85 per share which values the company at around $1.2 billion.
The share purchase process has been intense with GRAM upping its stake to a controlling level of 55.6 per cent only yesterday, before today’s further increase.
The move will now see GRAM’s offer period extended to 7pm on May 27.
PanAust reported a net loss of $270 million for the first six months of the 2015 financial year.