Aquila cofounder Bass to accept Baosteel-Aurizon offer
PERTH (miningweekly.com) – Joint bidders Baosteel and Aurizon Operations could claim a major stake in takeover target Aquila Resources, after the company’s cofounder Charles Bass said that he intended to accept the offer.
Bass holds nearly 10.7% of Aquila’s issued capital.
Both Baosteel and Aurizon on Thursday reported that their shareholding in Aquila had increased from 21.89% to 24.23%. With Bass’ shareholding, this stake could increase to nearly 35%.
Furthermore, fellow co-founder and current executive chairperson Tony Poli accepted the offer, a further 28.9% shareholding would be added to Baosteel and Aurizon’s kitty, giving the joint bidders a controlling interest in Aquila.
Aquila has previously urged shareholders to accept the takeover offer from Baosteel and Aurizon, which were jointly offering Aquila shareholders A$3.40 in cash for every share held, valuing the company at around A$1.4-billion.
If Aquila shareholders fully accepted the takeover offer, Aurizon would end up with a 15% shareholding in Aquila, while Baosteel would own the balance. If only between 50% and 90% of shareholders accept the offer, Aurizon would own a 10% shareholding in the takeover target, with Baosteel retaining the remaining shareholding.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation