China's Zhaojin Mining ups stake in takeover target Tietto Minerals (updated)

Zhaojin Mining Industry Co

26/04/2024 24:29

(Adds background from paragraph 3)
       April 26 (Reuters) - China's Zhaojin Mining Industry
 1818.HK  has increased its voting power in Tietto Minerals
 TIE.AX , an exchange filing from the Australian gold miner
showed on Friday.
    Zhaojin Capital, a unit of Zhaojin Mining, has raised its
voting power in Tietto to 23.22% from 16.24%, the filing showed.
        Earlier this month, the Chinese gold miner had offered
to buy the rest of the shares it does not already own in the
Perth-headquartered firm for A$0.68 per share, valuing the gold
producer at A$733 million ($478.21 million).
        The sweetened bid was Zhaojin Mining's second buyout
offer for Tietto Minerals, which has a market capitalisation of
$495.5 million, as per LSEG data. 
        The takeover of Tietto, which already boasts the
approval of Australia's foreign investment review board, would
see Zhaojin Mining expand its business operations oversees, if
it goes through.


($1 = 1.5328 Australian dollars)

 (Reporting by Rajasik  Mukherjee; Editing by Shilpi Majumdar
and Shailesh Kuber)
 ((Rajasik.Mukherjee@thomsonreuters.com;))