25/06/2008 - 10:41

Hunan boosts stake in Abra to 50.2%

25/06/2008 - 10:41

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Chinese producer Hunan Nonferrous Metals Corp has increased its stake in Abra Mining Ltd to 50.2 per cent, putting it in reach of its takeover offer to acquire 70 per cent of Abra shares.

Chinese producer Hunan Nonferrous Metals Corp has increased its stake in Abra Mining Ltd to 50.2 per cent, putting it in reach of its takeover offer to acquire 70 per cent of Abra shares.

The boost in Hunan's stake from 38.1 per cent to 50.2 per cent, puts it past the minimum acceptance level and follows an announcement made by the Chinese company to extend the takeover deadline to July 18.

Last month Hunan made an all-cash proportional takeover bid for Abra, offering 83 cents for each share to gain 70 per cent of the company.

Abra's board of directors have accepted the offer.

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