Australia's Peak Rare Earths hits over one-month high on court approval of takeover

Peak Rare Earths

19/09/2025 05:28

** Shares of Australia's Peak Rare Earths PEK.AX rise as much as 2.9% to A$0.443, their highest level since August 10

** Rare earths miner says the Supreme Court of New South Wales approved the takeover offer for co by Chinese rare earths producer Shenghe Resources 600392.SS, which already owns a 19.7% stake

** Under deal, Shenghe's Singapore unit will buy Peak's remaining shares for A$0.443 cash per share, valuing the miner at A$195 million ($128.93 million)

** Around 7 mln shares change hands, 2.8x the 30-day average trading volume

** Logs 1.2% in gains across the week, up for fourth consecutive week

** Stock last up 2.3%, bringing YTD gains to 318.1%

($1 = 1.5124 Australian dollars)

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com;))