China's Zhaojin Mining slips after Tietto urges rejection of takeover bid

Zhaojin Mining Industry Co

03/11/2023 02:55

** Shares of Chinese gold miner Zhaojin Mining Industry Co
Ltd  1818.HK  slip as much as 2.1% to HK$9.65, biggest loser in
Hang Seng materials index  .HSCIM  
    ** Stock on course to end the week down 9.5%, the worst week
since mid-May
    ** Australian gold explorer Tietto Minerals  TIE.AX  said on
Friday that a takeover offer by a unit of Zhaojin Mining
"materially undervalues" the company 
    ** Tietto was recommending shareholders not to accept the
$404.57 mln offer by Zhaojin Capital to buy all the shares of
the Australian miner that it does not already own
    ** "We are disappointed that the Tietto Board has not seen
the value in our cash offer, which represents an attractive
premium for shareholders" - Zhaojin Mining 
    ** Tietto shares up 5.8%
    ** Zhaojin Mining stock up 12.4% YTD 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))