China's Zhaojin Mining buyout offer for Tietto Minerals now unconditional (updated)

Zhaojin Mining Industry Co

24/04/2024 05:55

(Adds details from paragraph 3, share move in paragraph 5)
       April 24 (Reuters) - China's Zhaojin Mining Industry
 1818.HK  said on Wednesday that its A$733 million ($477.8
million) offer to buy Australia's Tietto Minerals  TIE.AX  has
become unconditional.
    The Chinese gold miner also said that as of April 24, it
held a 16.24% stake in the Australian gold producer.
        Zhaojin owned a 7.02% stake in Tietto before the offer
became unconditional.
  
        All the other terms and conditions of the offer,
including the new offer price announced on 
    15 April
    , remain unchanged, Zhaojin added.
  
        Shares of Tietto Minerals rose as much as 7.11% to
A$0.68, its highest level since April 19, 2023. 
  
    The Chinese gold miner last week increased its offer to buy
the stake it did not already own in the Perth-headquartered firm
to up to A$0.68 per share from A$0.58. 
        The 
    acquisition
    , if it goes through, would expand Zhaojin Mining's business
overseas and increase profitability.
    
  
($1 = 1.5340 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Savio
D'Souza and Eileen Soreng)
 ((Roshan.Thomas@thomsonreuters.com;))