Bank approves Aditya plan
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.