Focus Minerals has increased its stake in Crescent Gold to 62.1 per cent, after finalising acceptances from Deutsche Bank for its remaining holding in the takeover target, but a new shareholder is building a potential blocking stake.
Focus launched its bid for Crescent in June, offering one Focus share for every 1.18 Crescent shares.
Major Crescent shareholder Deutsche Bank threw its weight behind the proposal on June 17, when it entered into a pre-bid agreement for 19.99 per cent of Crescent’s shares.
Deutsche today provided acceptances for its remaining 8.48 per cent holding, taking Focus’ stake to 62.1 per cent.
Its acceptance of Focus’ offer comes at the same time Hong Kong’s Stone Mining increased its stake in Crescent, taking its shareholding from 8.7 per cent to 10.85 per cent today.
The new company will be among Australia's top five gold producers and would target annual production of 230,000 ounces in 2012.
Focus and Crescent own a range of projects, with Focus in production in the Coolgardie Gold Belt and Crescent at its Laverton Gold Project in Kalgoorlie.
At close of trade today Crescent’s stock had lost half a cent to trade at 6 cents, while Focus gained nearly the same amount, to finish at 6.3 cents.
