Thursday, 15 Sep 2011
Press Trust of India reported that Indian state owned miner NMDC today said it has submitted a formal binding bid to acquire 50% stake in Australian exploration firm Legacy Iron Ore for an undisclosed amount.
Mr Rana Som chairman of NMDC told PTI over phone from Istanbul that “We have submitted a formal binding bid for acquiring 50% stake in Legacy, as was envisaged in the MoU inked with them and if Legacy's Board approves it, we will be taking stake in the Australian firm.”
He, however, declined to comment on the deal size by saying that it is still confidential".
However, according to industry sources, the deal size is in the range of AUD 32 million to AUD 40 million (INR 150 crore to INR 200 crore).
Legacy said in a filing to the Australian Securities Exchange yesterday that it has received a formal proposal from NMDC to form a strategic alliance. Trading of its shares on the ASX has been halted till tomorrow.
(Sourced from PTI)
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