Wyloo Metals offers to buy Australia's Mincor Resources (updated)

Mincor Resources NL

20/03/2023 23:13

(Adds offer details, background)
       March 21 (Reuters) - Australian billionaire Andrew
Forrest-backed Wyloo Metals said on Tuesday its unit offered to
buy all the shares of Mincor Resources  MCR.AX  it does not
already own, valuing the nickel miner at A$750.3 million
($504.05 million).
    The unit plans to buy Mincor shares at A$1.40 cash apiece as
part of the offer, Wyloo said. The offer price represents a
34.6% premium to Mincor's last close.
    The offer from Wyloo, which already owns a 19.9% stake in
Mincor, comes amid an increasing number of deals for nickel
assets, a key battery metal used in electric vehicles.

 ($1 = 1.4885 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru; Editing by Shounak
Dasgupta)
 ((Himanshi.Akhand@thomsonreuters.com))