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DDC - Dominion Diamond News Story

$14.24 -0.0  -0.1%

Last Trade - 01/11/17

Sector
Basic Materials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £498.5m
Position in Universe th / 6827

Canada's CPPIB pension fund studies bid for Dominion Diamond -sources

Thu 11th May, 2017 3:50pm
By Susan Taylor and Nicole Mordant 
    TORONTO/VANCOUVER, May 11 (Reuters) - The Canada Pension 
Plan Investment Board (CPPIB) is considering a bid for Dominion 
Diamond Corp  DDC.TO  DDC.N  and is studying the miner's books, 
people familiar with the process told Reuters.   
    The move comes after Dominion, the world's third largest 
diamond producer by market value, put itself up for sale in late 
March, following an unsolicited $1.1 billion approach by U.S. 
billionaire Dennis Washington.  urn:newsml:reuters.com:*:nL3N1H43PI 
    CPPIB, the country's biggest public pension fund based on 
assets of C$298 billion ($217 billion) under management, 
declined to comment, as did Dominion Diamond. The sources did 
not want to be identified as the talks are confidential. 
    It is unlikely that CPPIB will make an Dominion offer on its 
own. If it proceeds with a bid, it may financially back a 
partner with mine operation expertise, the sources said. 
    CPPIB is one of more than five parties that have signed an 
agreement with Dominion to get access to its confidential data, 
one source said. 
    Canadian small producer Stornoway Diamond Corp  SWY.TO  held 
merger talks with Dominion earlier this year, Reuters reported, 
but it is unclear if it will make a formal bid.  urn:newsml:reuters.com:*:nL2N1GX1X2 
    Stornoway declined to comment. 
  ($1 = 1.3737 Canadian dollars) 
 
 (Additional reporting by John Tilak and Matt Scuffham in 
Toronto, and Barbara Lewis in London; Editing by Denny Thomas 
and Jeffrey Benkoe) 
 ((susan.taylor1@thomsonreuters.com; +1 416 941 8083; Reuters 
Messaging: susan.taylor1.thomsonreuters.com@reuters.net)) 
 
Keywords: DOMINION DIAMOND M&A/
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