Thu, June 11, 2009
Business > Industries > Chinese firms' global move

OZ Minerals give Minmetals takeover green light

2009-06-11 08:41:02 GMT2009-06-11 16:41:02 (Beijing Time)  SINA.com

An aerial view of Oz Minerals' Prominent Hill copper and gold mine in South Australia. China's Minmetals has raised its offer for the majority of OZ Minerals' assets by 180 million US dollars, the Australian company has said. AFP/Coober Pedy News/File

SYDNEY – Shareholders in Australia's OZ Minerals voted overwhelmingly in favour of a 1.396 billion US dollar offer from China's Minmetals for the majority of the company's assets, the miner said Thursday.

The deal received a massive 92 percent of votes from shareholders at an annual general meeting, according to figures OZ Minerals released to the Australian stock exchange after the ballot.

The Chinese firm had earlier raised its bid by 180 million US dollars to win over stockholders, who had also received two late rival offers to refinance the company's debts.

The deal represents a success for China's efforts to buy into Australia's resources sector, less than a week after mining giant Rio Tinto walked away from a massive cash injection from Chinalco, angering the state-owned Chinese company

(Agencies)

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