{"id":6923,"date":"2012-01-11T08:33:23","date_gmt":"2012-01-11T06:33:23","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/update-1-exxaro-launches-349-mln-bid-for-african-iron\/"},"modified":"2012-01-11T08:33:23","modified_gmt":"2012-01-11T06:33:23","slug":"update-1-exxaro-launches-349-mln-bid-for-african-iron","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-exxaro-launches-349-mln-bid-for-african-iron\/","title":{"rendered":"UPDATE 1-Exxaro launches $349 mln bid for African Iron"},"content":{"rendered":"

\t\t<\/span><\/p>\n

(Corrects Cape Lambert’s additional stake to 5.26 pct in
\nparagraph three)<\/span><\/p>\n

<\/span><\/p>\n

Jan 11 (Reuters) – South Africa’s Exxaro Resources
\n made a bid worth up to A$338 million ($349 million) on
\nWednesday for African Iron, chasing the
\nAustralian-listed company’s Mayoko iron ore project in the
\nRepublic of Congo.<\/span><\/p>\n

<\/span><\/p>\n

The offer of up to A$0.57 a share sent African Iron’s shares
\nup 35 percent to A$0.54, indicating investors expect the deal to
\ngo through.<\/p>\n

<\/span><\/p>\n

Exxaro has lined up a 19.99 percent stake from African
\nIron’s top shareholder, Cape Lambert Resources, which
\nowns a further 5.26 percent stake.<\/p>\n

<\/span><\/p>\n

Key to the outcome will be African Iron’s other big
\nshareholder, Equatorial Resources, which owns the
\nneighbouring Mayoko-Moussondji project.<\/p>\n

<\/span><\/p>\n

Equatorial, which bought a 19.99 percent stake in African
\nIron last year at A$0.30, did not say on Wednesday whether it
\nwould accept the offer, but said it welcomes Exxaro’s interest
\nin Equinox.<\/p>\n

<\/span><\/p>\n

“Exxaro’s announced takeover offer for African Iron confirms
\nthe significant exploration and development potential of iron
\nprojects in the Mayoko region and highlights the advantages of
\nthe investment friendly jurisdiction of the ROC,” Equatorial
\nsaid in a statement to the Australian stock exchange.<\/p>\n

<\/span><\/p>\n

Exxaro has already received approval from Australia’s
\nForeign Investment Review Board and South African approvals.<\/p>\n

<\/span><\/p>\n

Cape Lambert’s shares rose 1.9 percent to A$0.535 and
\nEquatorial’s shares rose 4.2 percent to A$2.00 outpacing a 1
\npercent gain in the broader market.<\/p>\n

<\/span><\/p>\n

Exxaro is being advised by Investec and law firm
\nGilbert+Tobin. African Iron’s legal adviser is Freehills.<\/p>\n

<\/span><\/p>\n

($1 = 0.9681 Australian dollars)\t<\/p>\n

(Reporting by Sonali Paul; Editing by Lincoln Feast)<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

(Corrects Cape Lambert’s additional stake to 5.26 pct in paragraph three) Jan 11 (Reuters) – South Africa’s Exxaro Resources made a bid worth up to A$338 million ($349 million) on Wednesday for African Iron, chasing the Australian-listed company’s Mayoko iron ore project in the Republic of Congo. The offer of up to A$0.57 a share […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6923","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6923"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6923\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}