PERTH (miningweekly.com) – French firm Eramet has extended the takeover offer period for its joint venture (JV) partner Mineral Deposits (MDL) until July 24, flaunting a 63.87% interest in the ASX-listed company.
The directors of MDL this week unanimously recommended the revised takeover offer from Eramet, after the A$1.75 a share cash offer was declared unconditional.
With Eramet now holding a controlling interest in MDL, the company will replace the majority of the MDL board with its own nominees.
Eramet said that the takeover offer was intended to facilitate the consolidation of the TiZir titanium and iron JV, in Norway.