Ukrainian-based mining investment company Palmary Enterprises Ltd is a step closer to gaining control of Consolidated Minerals Ltd, breaching the 90 per cent takeover threshold today.
Palmary now has a 90.02 per cent stake in ConsMin, up from 89.87 per cent on December 31, giving it the right to acquire the remaining ConsMin shares.
Palmary extended its offer for Consolidated Minerals Ltd yesterday to January 8, and said it would decide whether to proceed to compulsory acquisition of the remainder of ConsMin's shares after the offer period expired.
The ConsMin board has recommended its shareholders accept Palmary's sweetened $1.15 billion takeover bid, representing $5 a share.
Shares in ConsMin ended 7 cents down to $5.02.