Bank ap­proves Aditya plan

Pilbara News - - PILBARA NEWS - Stu­art McKin­non

Me­tals X has all but wrapped up its takeover of Aditya Birla, with the Re­serve Bank of In­dia ap­prov­ing In­dian com­pany Hin­dalco’s plan to sell its 51 per cent stake in the miner into an im­proved takeover of­fer.

In April, Me­tals X lifted its of­fer for Aditya Birla to one share for ev­ery 4.5 shares, plus eight cents cash per Aditya Birla share.

Hin­dalco in­di­cated early on it would ac­cept the im­proved of­fer, but would need reg­u­la­tory ap­proval from the Re­serve Bank of In­dia.

With Hin­dalco’s share, Me­tals X’s stake in Aditya Birla would in­crease to at least 84 per cent.

Aditya Birla’s pri­mary as­set is the age­ing Nifty cop­per mine in the Pil­bara.

The com­pany’s of­fer for Aditya Birla is sched­uled to close on Fri­day, un­less ex­tended.

Shares in Me­tals X were on Fri­day at $1.505, while Aditya Birla shares were up to 41.5 cents.

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