Cape Lambert wraps up Corvette takeover

Cape Lambert Iron Ore has emerged with a 46.52 per cent stake in Perth-based Corvette Resources after its takeover offer for the junior explorer closed last week.

The Tony Sage-led Cape Lambert revealed its takeover intentions in July after it acquired a 20 per cent stake in Corvette from the purchase of assets from collapsed company CopperCo.

Cape Lambert said today in a statement that it will not proceed with compulsory acquisition for the remainder of Corvette shares it does not own.

Shares in Corvette were down two cents to 16c while shares in Cape Lambert were unchanged at 42c at 11:16AEST.