Zhaojin secures Tietto Minerals’ majority ownership

China’s Zhaojin Capital, a unit of Zhaojin Mining, has won control of Australian-based gold producer Tietto Minerals after a six-month takeover battle that values the latter at A$733 million ($474.62 million), reportedReuters.

Zhaojin’s original offer of A$0.58 per share was increased on 15 April to A$0.68 per share and declared “best and final” offer. Tietto’s board said it believed the bid still undervalued the producer, the news agency noted, but given key shareholders had accepted the offer it changed its official recommendation.

Zhaojin now has a 52.8% stake in Tietto, which produces gold from its Abujar project in western Côte d’Ivoire. The deal helps Zhaojin expand its mining portfolio overseas.

Source: Reuters

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