Bradken confirms guidance & merger talks

Company News

Bradken Limited (ASX:BKN) has confirmed its annual earnings guidance while revealing it remains in merger talks with Magotteaux. 
The mining consumables group was approached by its suitor at the end of June and both parties agreed to investigate the benefits of a merger over a 60 day exclusivity period. 
Bradken has also today acknowledged its recent steep stock drop but cannot offer any reason for the decline.   
Bradken says it continues to take proactive steps including restructuring the cost-base of its operations to ensure quality of earnings is maintained. 
Bradken reported a net loss of $92.59 million in the first half of the 2015 financial year.