Regent abandons bid
BC Iron Ltd says it is perplexed by Regent Pacific’s termination of a $ 300 million plus friendly takeover of the junior iron ore miner due to opposition from the target’s biggest shareholder.
Ukrainian-owned manganese and chromite miner Consolidated Minerals Ltd, which has a 21.1 per cent stake in BC Iron, was ‘‘ flatly opposed’’ to the transaction, Regent Pacific said yesterday.
BC Iron said it was reserving its position and would consider the matter further.
The Perth-based company last month rejected a report it was against the takeover.