Australia's Tietto Minerals gets $415 million buyout bid from Zhaojin Capital (updated)

Zhaojin Mining Industry Co

29/10/2023 22:14

(Adds details of the deal, background in paragraphs 2-5)
       Oct 30 (Reuters) - Australian gold explorer Tietto
Minerals Ltd  TIE.AX  on Monday said it received an off-market
takeover offer from Zhaojin Capital to acquire all shares it
does not already own in the company for A$655.4 million ($415
million).
    Under the offer, Zhaojin Capital, a unit of the Tietto's
second largest shareholder Zhaojin Mining Industry Co Ltd
 1818.HK , will acquire the shares in the company at A$0.58 per
share. 
    Zhaojin Mining currently holds 7.02% of the shares in the
gold explorer. 
    There is no certainty that the proposal will result in a
binding proposal, Tietto said, adding that it is willing to
recommend the proposal to its shareholders. 
    The deal comes at a time of elevated merger and acquisition
activity in Australia with Chile's SQM  SQMA.SN  buying the rest
of Azure Minerals  AZS.AX  that it doesn't already own for $900
million. 
    
($1 = 1.5793 Australian dollars)

 (Reporting by John Biju in Bengaluru; Editing by Diane Craft
and Lisa Shumaker)
 ((John.Biju@thomsonreuters.com;))