[miningmx.com] – SOUTH African miner Exxaro Resources increased its
offer for African Iron to A$338m, as promised, after the last remaining major
shareholder bowed to its offer and acceptances topped 75%.
Equatorial Resources on Monday agreed to sell its 20.5% stake to Exxaro, taking
acceptances to more than 86%, above the 75% level at which Exxaro said it would
increase its offer for African Iron to A$0.57 a share and A$0.37 per listed option.
The takeover gives Exxaro control over the Mayoko iron ore project in the Republic of
Congo, which sits next to Equatorial’s Mayoko-Moussondji project.
Exxaro said on Monday it would extend the offer to 14 days after Equatorial sells its
stake. The offer had been due to close on February 28.
The biggest shareholder in African Iron, Cape Lambert, sold to Exxaro earlier.
Africa Iron’s shares rose 3.6% to A$0.57 in line with the final offer
