China's Zijin bids $498m for Australia's Indophil
Wednesday, 2 December 2009
MELBOURNE, Dec 1 (Reuters): Zijin Mining Group Co, China's largest listed gold company, has offered $498 million for Indophil Resources NL, chasing the Australian miner's one-third stake in a big copper and gold lode in the Philippines.
In the latest swoop on an Australian miner by resource-hungry Chinese firms, Zijin offered A$1.28 a share, an 18-per cent premium to Indophil's last trade before the offer, Indophil said Tuesday. Indophil has recommended the offer.
The Chinese group has already agreed to buy a 19.99 per cent stake in Indophil owned by Swiss-based miner Xstrata.
In the latest swoop on an Australian miner by resource-hungry Chinese firms, Zijin offered A$1.28 a share, an 18-per cent premium to Indophil's last trade before the offer, Indophil said Tuesday. Indophil has recommended the offer.
The Chinese group has already agreed to buy a 19.99 per cent stake in Indophil owned by Swiss-based miner Xstrata.