Tuesday, 14 Feb 2012
Reuters reported that Japan Mitsubishi Corp cleared the last hurdle on Monday to take control of iron ore, port and rail projects in Western Australia which are slated to cost USD 10 billion and which it hopes to fund with Chinese partners.
A spokesman said shareholders in Murchison Metals approved the sale of the company 50% stakes in the Jack Hills iron ore mine and its affiliated Oakajee port and rail project to its partner, Mitsubishi for AUD 325 million.
The deal is due to close on February 20. The long delayed port project is key to opening up a new iron ore province in Western Australia outside the control of dominant iron ore producers, Rio Tinto and BHP Billiton.
The AUD 5.9 billion Oakajee port and rail project and the USD 3.7 billion Jack Hills iron ore expansion project have been held back due to cost blowouts which Murchison could not afford and the failure to line up companies to use the infrastructure.
Murchison biggest shareholder, South Korean steel maker POSCO last year said it was considering buying stakes in Jack Hills and the Oakajee project.
Other potential partners in the infrastructure are Sinosteel which is developing the Midwest iron ore project and Angang Steel Co which is backing Gindalbie Metals' Karara iron ore project.
Last week, Western Australian Premier Mr Colin Barnett said Mitsubishi was due to meet with potential Chinese partners in Beijing later this month to discuss participating in the two projects.
Mr Barnett said "There is a major meeting in Beijing, in the next few weeks, involving Australian companies, the Chinese state owned enterprises, Mitsubishi, some financial institutions from China and that will be the critical meeting and hopefully bringing China formally into the project and moving forward."
(Sourced from Reuters)
Showing posts with label take over. Show all posts
Showing posts with label take over. Show all posts
Tuesday, February 14, 2012
Thursday, October 6, 2011
Peabody ArcelorMittal extends offer for Macarthur Coal to Oct 28
Thursday, 06 Oct 2011
Peabody Energy and ArcelorMittal have extended their AUD 4.9 billion takeover bid for Australia's Macarthur Coal until October 28th 2011.
Macarthur has accepted a sweetened AUD 16 per share bid from Peabody and ArcelorMittal after failing to find a rival bidder.
The bid had been due to expire on October 14th 2011
(sourced from Reuters)
Peabody Energy and ArcelorMittal have extended their AUD 4.9 billion takeover bid for Australia's Macarthur Coal until October 28th 2011.
Macarthur has accepted a sweetened AUD 16 per share bid from Peabody and ArcelorMittal after failing to find a rival bidder.
The bid had been due to expire on October 14th 2011
(sourced from Reuters)
Monday, March 7, 2011
Kalahari Minerals says in takeover talks
Mon Mar 7, 2011 11:25am GMT
* Kalahari confirms in talks with third party, may lead to offer
* Shares in Kalahari rise 13 percent
LONDON, March 7 (Reuters) - Kalahari Minerals (KAH.L: Quote) on Monday said it was in talks with an unnamed third party, which may lead to an offer being made for the company, sending its shares to an all time high.
Shares in the UK-listed miner, which holds around 43 percent of Extract Resources (EXT.AX: Quote) (EXT.TO: Quote), soared as much as 13 percent to a highest ever 293.50 pence on the news, as it said discussions were ongoing and that a further announcement would be made when appropriate.
Kalahari said it was also in talks to simplify its shareholder structure with Extract in a bid to combine assets with Rio Tinto in Namibia.
The company wants to combine Extract's Husab Uranium project with the neighbouring Rossing Uranium mine owned by Rio Tinto (RIO.AX: Quote) (RIO.L: Quote). It added that there is no certainty the parties will reach any agreement.
Extract's chairman told Reuters in February that the company had no intention to sell its Husab uranium deposit, the largest of its kind in the world.
Analysts have long said Extract could be an eventual target for Rio, whose Rossing mine is near Extract's Husab deposit. Speculation was renewed last month week when the two companies said they were in talks to combine their uranium projects.
Shares in Kalahari were up 10.47 percent at 11.06GMT, giving the company a total market value of 705.6 million pounds.
* Shares in Kalahari rise 13 percent
LONDON, March 7 (Reuters) - Kalahari Minerals (KAH.L: Quote) on Monday said it was in talks with an unnamed third party, which may lead to an offer being made for the company, sending its shares to an all time high.
Shares in the UK-listed miner, which holds around 43 percent of Extract Resources (EXT.AX: Quote) (EXT.TO: Quote), soared as much as 13 percent to a highest ever 293.50 pence on the news, as it said discussions were ongoing and that a further announcement would be made when appropriate.
Kalahari said it was also in talks to simplify its shareholder structure with Extract in a bid to combine assets with Rio Tinto in Namibia.
The company wants to combine Extract's Husab Uranium project with the neighbouring Rossing Uranium mine owned by Rio Tinto (RIO.AX: Quote) (RIO.L: Quote). It added that there is no certainty the parties will reach any agreement.
Extract's chairman told Reuters in February that the company had no intention to sell its Husab uranium deposit, the largest of its kind in the world.
Analysts have long said Extract could be an eventual target for Rio, whose Rossing mine is near Extract's Husab deposit. Speculation was renewed last month week when the two companies said they were in talks to combine their uranium projects.
Shares in Kalahari were up 10.47 percent at 11.06GMT, giving the company a total market value of 705.6 million pounds.
(Reporting by Lorraine Turner; Editing by Rhys Jones,sourced:Thomson Reuters)
Tuesday, February 22, 2011
BHP Billiton in big US shale gas deal
By Rachel Hewitt,
Feb23, 2011 12:00AM
MINING powerhouse BHP Billiton has snapped its streak of failed deals with a $US4.7 billion foray into United States shale gas.
In a move analysts said would cool speculation BHP has a bigger oil play in the pipeline, the miner yesterday revealed it had bought into an Arkansas shale gas field, allowing it access to "the fastest growing market in the world".
As BHP unveiled the deal, it also pleased investors by announcing that a $5 billion off-market buyback of its Australian shares would begin immediately.
The news sent BHP shares almost 1.6 per cent, or 73, higher to $46.58 -- making it a standout in a downbeat market.
BHP's buy of all Chesapeake Energy Corporation's interests in the Fayetteville shale field is its first key deal since its failed $40 billion tilt for Canada's PotashCorp in November.
Citi analysts yesterday said the shale gas play would "partially cool the heated speculation of a larger on-market M&A (mergers and acquisitions) oil deal being in the pipeline".
Deutsche Bank analyst Paul Young said the Fayetteville buy fitted BHP's checklist of "low-cost, long life and expandable" assets.
"We did think, and we continue to think, that they're also looking at acquisitions in deep water oil such as the Gulf of Mexico," he said.
Energy rival Woodside Petroleum has long been named as a potential BHP takeover target, but Pengana Capital fund manager Tim Schroeders said yesterday that appeared increasingly unlikely.
Platypus Asset Management's Prasad Patkar described BHP's shale gas foray as "a bet on the long-term price in the US domestic gas market".
Through the deal, BHP will own and operate the second biggest position in the Fayetteville field.
BHP Petroleum chief Michael Yeager said it would increase the company's reserve and resources base by 45 per cent and BHP would acquire more than 10 trillion cubic feet of gas.
He said BHP hoped to triple the asset's daily volumes over the life of the development.
(sourced:Herald Sun)
In a move analysts said would cool speculation BHP has a bigger oil play in the pipeline, the miner yesterday revealed it had bought into an Arkansas shale gas field, allowing it access to "the fastest growing market in the world".
As BHP unveiled the deal, it also pleased investors by announcing that a $5 billion off-market buyback of its Australian shares would begin immediately.
The news sent BHP shares almost 1.6 per cent, or 73, higher to $46.58 -- making it a standout in a downbeat market.
BHP's buy of all Chesapeake Energy Corporation's interests in the Fayetteville shale field is its first key deal since its failed $40 billion tilt for Canada's PotashCorp in November.
Citi analysts yesterday said the shale gas play would "partially cool the heated speculation of a larger on-market M&A (mergers and acquisitions) oil deal being in the pipeline".
Deutsche Bank analyst Paul Young said the Fayetteville buy fitted BHP's checklist of "low-cost, long life and expandable" assets.
"We did think, and we continue to think, that they're also looking at acquisitions in deep water oil such as the Gulf of Mexico," he said.
Energy rival Woodside Petroleum has long been named as a potential BHP takeover target, but Pengana Capital fund manager Tim Schroeders said yesterday that appeared increasingly unlikely.
Platypus Asset Management's Prasad Patkar described BHP's shale gas foray as "a bet on the long-term price in the US domestic gas market".
Through the deal, BHP will own and operate the second biggest position in the Fayetteville field.
BHP Petroleum chief Michael Yeager said it would increase the company's reserve and resources base by 45 per cent and BHP would acquire more than 10 trillion cubic feet of gas.
He said BHP hoped to triple the asset's daily volumes over the life of the development.
(sourced:Herald Sun)
Tuesday, February 15, 2011
BHP Billiton investors pin hopes on expanded share buyback
* Consensus points to H1 attributable profit of $10.3 bln
* BHP can return $10 bln-$25 bln via shr buyback/special div-analysts
* BHP may be interested in an oil and gas company
* Shares up 9 percent in 2 weeks
By Sonali Paul
MELBOURNE, Feb 16 (Reuters) - Top global miner BHP Billiton is expected to nearly double its first-half profit to a record, with investors focused on its strategy for its bulging cash pile as iron ore, copper and oil prices soar. Shareholders have been clamouring for the company to expand
its ongoing $4.2 billion share buyback, with only a quarter of that completed so far, after it faltered on three major deals over the past three years. BHP remains undaunted in its takeover ambitions, despite having been forced to ditch its $39 billion bid for top global fertiliser maker Potash Corp, an iron ore joint venture with Rio Tinto and a full takeover of Rio Tinto in the face of government and regulatory resistance. So BHP may look to preserve cash as it looks to pounce on an oil and gas target, with speculation that it would be interested in Anadarko Petroleum , Apache Petroleum or Woodside Petroleum Even with acquisitions and plans to spend $15 billion a year on projects, BHP has the capacity to return anywhere between $10 billion and $25 billion to shareholders through share buybacks or special dividends, analysts estimate. On Tuesday, speculation centred around $10 billion. "They've got the capacity. It's whether that's what they want to do," said James Bruce, portfolio manager at Perpetual Investments, one of BHP's top ten Australian shareholders. BHP is expected to report attributable profit before one-offs of $10.3 billion for July-December, based on an average of 14 analysts' forecasts, up from $5.7 billion a year ago. That would follow Rio Tinto's bumper second-half profit of $8.22 billion last week and a promise to return $5 billion to shareholders over the next two years, starting off with an on-market buyback of its UK listed shares.
For StarMine comparative data: link.reuters.com/tep97r BHP's shares are considered cheap at the moment, trading on a forward earnings multiple of just 11.9 even after a 9 percent share price rally to a near 33-month high ahead of the results. "We think that BHP is attractively priced for investors," Bruce said. BHP shares closed up 0.2 percent at A$47.36 ahead of the
results announcement, due before the Australian market opens on Wednesday. Australian fund managers looking for an off-market buyback of BHP's Australian shares are the least likely to get their way, as it makes more sense for BHP to buy back its UK listed shares, which are cheaper, on market. Analysts expect a dividend of around 49 cents a share, up from 42 cents a year ago. Smaller rival Xstrata set the pace last week topping forecasts with an 86 percent jump in full-year profit and a dividend that was nearly double market expectations.
(Editing by Anshuman Daga, source:ThomsonReuters)
Tags: BHP Billiton, investors, share buyback, H1 attributable profit, Market analyst, shares, Rio Tinto, take over, Xstrata,
* BHP can return $10 bln-$25 bln via shr buyback/special div-analysts
* BHP may be interested in an oil and gas company
* Shares up 9 percent in 2 weeks
By Sonali Paul
MELBOURNE, Feb 16 (Reuters) - Top global miner BHP Billiton is expected to nearly double its first-half profit to a record, with investors focused on its strategy for its bulging cash pile as iron ore, copper and oil prices soar. Shareholders have been clamouring for the company to expand
its ongoing $4.2 billion share buyback, with only a quarter of that completed so far, after it faltered on three major deals over the past three years. BHP remains undaunted in its takeover ambitions, despite having been forced to ditch its $39 billion bid for top global fertiliser maker Potash Corp, an iron ore joint venture with Rio Tinto and a full takeover of Rio Tinto in the face of government and regulatory resistance. So BHP may look to preserve cash as it looks to pounce on an oil and gas target, with speculation that it would be interested in Anadarko Petroleum , Apache Petroleum or Woodside Petroleum Even with acquisitions and plans to spend $15 billion a year on projects, BHP has the capacity to return anywhere between $10 billion and $25 billion to shareholders through share buybacks or special dividends, analysts estimate. On Tuesday, speculation centred around $10 billion. "They've got the capacity. It's whether that's what they want to do," said James Bruce, portfolio manager at Perpetual Investments, one of BHP's top ten Australian shareholders. BHP is expected to report attributable profit before one-offs of $10.3 billion for July-December, based on an average of 14 analysts' forecasts, up from $5.7 billion a year ago. That would follow Rio Tinto's bumper second-half profit of $8.22 billion last week and a promise to return $5 billion to shareholders over the next two years, starting off with an on-market buyback of its UK listed shares.
For StarMine comparative data: link.reuters.com/tep97r BHP's shares are considered cheap at the moment, trading on a forward earnings multiple of just 11.9 even after a 9 percent share price rally to a near 33-month high ahead of the results. "We think that BHP is attractively priced for investors," Bruce said. BHP shares closed up 0.2 percent at A$47.36 ahead of the
results announcement, due before the Australian market opens on Wednesday. Australian fund managers looking for an off-market buyback of BHP's Australian shares are the least likely to get their way, as it makes more sense for BHP to buy back its UK listed shares, which are cheaper, on market. Analysts expect a dividend of around 49 cents a share, up from 42 cents a year ago. Smaller rival Xstrata set the pace last week topping forecasts with an 86 percent jump in full-year profit and a dividend that was nearly double market expectations.
(Editing by Anshuman Daga, source:ThomsonReuters)
Tags: BHP Billiton, investors, share buyback, H1 attributable profit, Market analyst, shares, Rio Tinto, take over, Xstrata,
SAIL gets management control of Steel Complex in Kerala
Tuesday, 15 Feb 2011
Maharatna Steel Authority of India Limited has formally acquired 50% of the shares of Steel Complex Limited in Kozhikode held by the Government of Kerala and taken over the operations of SCL on 13th February 2011.
SAIL-SCL Limited, the joint venture company resulting from the acquisition, will work towards the revival of SCL by setting up a new rolling mill of 65,000 tonnes per annum capacity for producing high grade TMT bars at an estimated investment of INR 45 crore. The JV is expected to be a milestone in the government’s policy of bringing together synergies of PSUs and strengthening them to be competitive in the market.
On the request of the government of Kerala, SAIL had signed a MoU in May 2008 for revival of SCL, owned by the state government. Subsequently, a JV agreement was signed between government of Kerala and SCL in December 2008 to enable acquisition of shareholding by SAIL, development of SCL by setting up a rolling mill and fulfillment of certain terms & conditions by the state government. Subsequent to fulfillment of conditions of the agreement, the JV became operational in December 2010. Operations of the JV will be synergized with SAIL’s core strengths by installation of billet conversion facility, raw material tie-ups and marketing of SCL products by SAIL.
SAIL-SCL Ltd presently has the capacity to produce 55,000 tonnes of liquid steel per annum through the electric arc furnace route and 50,000 tonnes of concast billets per year. The JV aims to tackle issues such as shortage of working capital and non-availability of good quality scrap by ensuring uninterrupted supply of scrap to maintain efficiency of operations and adding value to its products by converting billets into TMT bars. The possibility of marketing SCL products by harnessing SAIL’s nationwide dealer network is being explored.
Tags:SAIL, management control, Steel Complex, Kerala, shares, take over, Acquisitions, JV, PSUs, India steel industry,
Maharatna Steel Authority of India Limited has formally acquired 50% of the shares of Steel Complex Limited in Kozhikode held by the Government of Kerala and taken over the operations of SCL on 13th February 2011.
SAIL-SCL Limited, the joint venture company resulting from the acquisition, will work towards the revival of SCL by setting up a new rolling mill of 65,000 tonnes per annum capacity for producing high grade TMT bars at an estimated investment of INR 45 crore. The JV is expected to be a milestone in the government’s policy of bringing together synergies of PSUs and strengthening them to be competitive in the market.
On the request of the government of Kerala, SAIL had signed a MoU in May 2008 for revival of SCL, owned by the state government. Subsequently, a JV agreement was signed between government of Kerala and SCL in December 2008 to enable acquisition of shareholding by SAIL, development of SCL by setting up a rolling mill and fulfillment of certain terms & conditions by the state government. Subsequent to fulfillment of conditions of the agreement, the JV became operational in December 2010. Operations of the JV will be synergized with SAIL’s core strengths by installation of billet conversion facility, raw material tie-ups and marketing of SCL products by SAIL.
SAIL-SCL Ltd presently has the capacity to produce 55,000 tonnes of liquid steel per annum through the electric arc furnace route and 50,000 tonnes of concast billets per year. The JV aims to tackle issues such as shortage of working capital and non-availability of good quality scrap by ensuring uninterrupted supply of scrap to maintain efficiency of operations and adding value to its products by converting billets into TMT bars. The possibility of marketing SCL products by harnessing SAIL’s nationwide dealer network is being explored.
Tags:SAIL, management control, Steel Complex, Kerala, shares, take over, Acquisitions, JV, PSUs, India steel industry,
Wednesday, January 26, 2011
Baffinland takeover saga nearing an end
January 26, 2011News Services After some dramatic twists and turns, the wild takeover saga of Baffinland Iron Mines Corp. appears to be nearing a conclusion.
Joint bidders ArcelorMittal and Nunavut Iron Ore Acquisition Corp. assumed control of Toronto-based Baffinland Tuesday after taking up more than half its shares in their joint $590-million takeover bid.
The two companies said they now have control over 59% of Baffinland shares.sourced: Postmedia News
Joint bidders ArcelorMittal and Nunavut Iron Ore Acquisition Corp. assumed control of Toronto-based Baffinland Tuesday after taking up more than half its shares in their joint $590-million takeover bid.
The two companies said they now have control over 59% of Baffinland shares.sourced: Postmedia News
Friday, January 21, 2011
Australia Fortescue-BC Iron JV to load first iron ore on rail in Jan
Singapore (Platts) --21 Jan, 2011
Australia's Fortescue Metals Group said Friday it expects to load the first train of iron ore by the end of January from its joint venture with BC Iron, the target of a complete takeover by a Hong Kong mining company. "Fortescue looks forward to loading the first ore train using iron ore from its joint venture with BC Iron shortly," said Cameron Morse of FD, a public relations firm engaged by Fortescue.
BC Iron's board of directors on Friday recommended shareholders to accept a bid by Hong Kong-listed Regent Pacific Group to buy the remaining shares of BC Iron it does not own for A$3.30($3.26)/share, valuing it at A$345 million. Regent now holds 19.9% of the company. BC Iron's 50:50 joint venture with Fortescue, the Nullagine project in Australia's Pilbara region, will use the latter's infrastructure at Christmas Creek to rail its ore to Port Hedland for export. Mining started in November 2010 and the first shipment will take place in the first quarter of 2011, it said. BC Iron plans to export 1 million mt by June, when it expects to mine at a rate of 3 million mt/year. Sourced:Platts.com
Monday, January 17, 2011
Macroeconomic indicators - Indian growth to beat China in 2012 - World Bank
Monday, 17 Jan 2011
The World Bank has pegged Indian economic growth to take over Chinese by 2012 on purchasing power parity basis, but Indian government has played down the projection by the multi lateral agency saying the country is not in race with anyone.
In its latest report on Global Economic Prospects, the World Bank has projected Indian economy to grow by 8.7% in 2012, faster than 8.4% expected for China.
However, these projections are based on PPP basis, which means that purchasing power of currencies are taken into account for measuring economic growth. As such, these projections are not the traditional way of measuring the economic growth.
Reacting to the World Bank projections, Mr Pranab Mukherjee Indian finance minister said that "India is trying (to achieve high growth rate), but I am not going to compete with anybody."
He said every country is trying hard to overcome the economic crisis and reach a desired level of growth.
He added that "Nothing wrong in it. He said India wants to record double digit growth with moderate inflation and fiscal prudent policies.”
He said that "We want to reach double digit growth, at the same time having modest rate of inflation without indulging in fiscal profligacy that means with prudent fiscal management.”
Indian and Chinese economies are not comparable. The size of Indian economy is USD 1.3 trillion and Chinese economy is worth USD 5.5 trillion.
Sourced from FE
The World Bank has pegged Indian economic growth to take over Chinese by 2012 on purchasing power parity basis, but Indian government has played down the projection by the multi lateral agency saying the country is not in race with anyone.
In its latest report on Global Economic Prospects, the World Bank has projected Indian economy to grow by 8.7% in 2012, faster than 8.4% expected for China.
However, these projections are based on PPP basis, which means that purchasing power of currencies are taken into account for measuring economic growth. As such, these projections are not the traditional way of measuring the economic growth.
Reacting to the World Bank projections, Mr Pranab Mukherjee Indian finance minister said that "India is trying (to achieve high growth rate), but I am not going to compete with anybody."
He said every country is trying hard to overcome the economic crisis and reach a desired level of growth.
He added that "Nothing wrong in it. He said India wants to record double digit growth with moderate inflation and fiscal prudent policies.”
He said that "We want to reach double digit growth, at the same time having modest rate of inflation without indulging in fiscal profligacy that means with prudent fiscal management.”
Indian and Chinese economies are not comparable. The size of Indian economy is USD 1.3 trillion and Chinese economy is worth USD 5.5 trillion.
Sourced from FE
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