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Katanga now a wholly owned Glencore subsidiary

4th June 2020

By: Creamer Media Reporter

     

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Democratic Republic Congo-focused Katanga Mining is now wholly-owned, directly or indirectly, by multicommodities trader and miner Glencore, having completed the going-private transaction announced in April.

The company has applied to the Toronto exchange to delist its common shares.

Shareholders on June 2 approved the amalgamation with 836074 Yukon, in terms of which shareholders, other than Glencore International AG (GIAG), were entitled to receive C$0.16 in cash for each pre-amalgamation common share of the company, for an aggregate consideration of C$52-million.

Katanga previously explained that Glencore would take the business private, owing to a lack of a meaningful public float and limited trading liquidity, the costs of a stock exchange listing, the current commodity price risks, the ongoing operational risks, the financial risks and the lack of sources of financing without support from GIAG.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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