Australia's Tietto Minerals soars on off-market takeover bid

Zhaojin Mining Industry Co

29/10/2023 23:40

** Shares of Tietto Minerals  TIE.AX  soar as much as 30.6%
to A$0.55, set for best day since March 26, 2020 - if gains hold
    ** Gold explorer says it has received an off-market takeover
offer from Zhaojin Capital, a unit of Zhaojin Mining Industry Co
Ltd  1818.HK , for A$655.4 mln ($415.20 mln)  
    ** Says there is no certainty that the proposal will result
in a binding proposal, but willing to recommend proposal to
shareholders  
    ** Stock gains for third straight day; hits highest level
since Aug 3 
    ** Stock had risen ~24.9% this year, as of last close

($1 = 1.5785 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))