China's Zhaojin Mining raises buyout bid for Australia's Tietto Minerals to $474 mln (updated)

Zhaojin Mining Industry Co

15/04/2024 24:37

(Recasts first paragraph, adds further details of deal from
paragraphs 3-7)
       April 15 (Reuters) - 
    Zhaojin Mining Industry  1818.HK  said on Monday it is
increasing its offer for the shares it does not already own in
Australian gold explorer Tietto Minerals  TIE.AX  to up to about
A$733 million ($474 million). 
  
        Zhaojin in October 2023 had bid for the Australian gold
explorer for about A$629 million.
  
        The Chinese gold miner said it is increasing its offer
for the Australian gold explorer to A$0.68 apiece from A$0.58
per share.
  
        The A$0.68 per share offer represents a 60% premium to
Tietto's last closing price on October 27, 2023, before the
intial offer was tabled.
  
        The offer by Zhaojin, which already owns a 7.02% stake
in Tietto, values the latter at A$768.3 million. 
  
        The company also confirmed that its unit, Zhaojin
Capital, has received all of the Chinese regulatory approvals
related to the deal, including approvals from the NDRC, among
other regulatory bodies.
  
        Tietto said in January that the earlier offer by Zhaojin
continued to materially undervalue the gold explorer.
  

($1 = 1.5458 Australian dollars)



 (Reporting by Shivangi Lahiri in Bengaluru; Editing by Leslie
Adler and Diane Craft)
 ((Shivangi.Lahiri@thomsonreuters.com;))