CITIC-led group seeks golden assets
By Maggie Zhang |
May 17, 2011, Tuesday
|
Print Edition
Print Edition
A CITIC Group-led consortium has agreed to pay at least A$150 million (US$158 million) to Gold One International Ltd for gold assets in South Africa.
The consortium is offering 55 Australian cents a share for each Gold One share, marking a 28 percent premium based on its May 12 closing price, the Sydney-based company said in a statement on its website.
"We are extremely excited about this opportunity for Gold One to form a strategic partnership with the consortium, which is led by a Fortune Global 500 Chinese corporation," Gold One President and Chief Executive Officer Neal Froneman said in the statement.
The consortium may subscribe for up to an additional 188.7 million shares in Gold One at 53 Australian cents, should the initial subscription by the consortium and acceptances of the 55 Australian cents per Gold One share cash offer not result in the consortium achieving an aggregate interest of 60 percent in Gold One.
The consortium has already secured 17.7 percent of Gold One from African Global Capital (SA) (Pty) Ltd in April for A$76 million.
The consortium, which includes China Development Bank and Long March Capital Group, is seeking as much as a 75 percent stake in Gold One.
CITIC is biding through its Baiyin Non-Ferrous Group Co, and China Development Bank via its China-Africa Development Fund.
The consortium is offering 55 Australian cents a share for each Gold One share, marking a 28 percent premium based on its May 12 closing price, the Sydney-based company said in a statement on its website.
"We are extremely excited about this opportunity for Gold One to form a strategic partnership with the consortium, which is led by a Fortune Global 500 Chinese corporation," Gold One President and Chief Executive Officer Neal Froneman said in the statement.
The consortium may subscribe for up to an additional 188.7 million shares in Gold One at 53 Australian cents, should the initial subscription by the consortium and acceptances of the 55 Australian cents per Gold One share cash offer not result in the consortium achieving an aggregate interest of 60 percent in Gold One.
The consortium has already secured 17.7 percent of Gold One from African Global Capital (SA) (Pty) Ltd in April for A$76 million.
The consortium, which includes China Development Bank and Long March Capital Group, is seeking as much as a 75 percent stake in Gold One.
CITIC is biding through its Baiyin Non-Ferrous Group Co, and China Development Bank via its China-Africa Development Fund.
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