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Glencore announces cash offer for Minara Resources Limited
24 August 2011
Glencore Investment Pty Limited (“Glencore”), a wholly owned subsidiary of Glencore International plc, today announced its intention to make an off-market cash takeover offer (“Offer”) for all of the shares in Minara Resources Limited (“Minara”, ASX:MRE).
Under the terms of Glencore’s Offer, Glencore will offer Minara shareholders A$0.87 in cash for each Minara share. Glencore’s Offer values Minara at approximately A$1,017 million.
Glencore International AG currently holds approximately 73% of the shares in Minara.
The only conditions to which Glencore’s Offer is subject are certain statutory “prescribed occurrence” conditions contemplated under Australian law. There is no minimum acceptance condition.
Glencore’s Offer is currently scheduled to open on Thursday, 8 September 2011, and will close, unless extended or withdrawn, on Monday, 10 October 2011.
Glencore proposes to seek to purchase Minara shares at up to the offer price on the ASX until the middle of next week, but thereafter may or may not seek to purchase further Minara shares on the ASX.