By P.R. Venkat
Zhaojin Mining Industry has offered to buy Australian miner Tietto Minerals for 629 million Australian dollars (US$398.1 million).
The company said Monday that it has offered to pay A$0.58 a share for the Australian-listed entity, which is a 36% premium to the last traded price of A$0.425 a share.
Zhaojin, which owns a 7.02% stake in Tietto, plans to finance the acquisition using internal resources.
The planned acquisition of the gold producer and gold smelting company is aimed at expanding Zhaojin’s overseas business and improving overall profitability of its operations.
“If the proposed acquisition is completed, the company intends to support and accelerate the growth of the target, including, but not limited to, the development of the Abujar gold mine and continued exploration in Cote d’Ivoire, Liberia, and other regions,” Zhaojin said.
Write to P.R. Venkat at [email protected]
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