JOHANNESBURG (miningweekly.com) – Australia-based mineral sands miner Iluka’s £215-million acquisition of London-listed Sierra Rutile is back on track after the German competition authorities approved the transaction.
The German Antirust Authority last month referred the merger for a phase 2 review, which could have lasted up to three months. However, Iluka announced on Tuesday that the competition body had approved the merger, paving the way for the transaction to close before the end of next week.
The merger has already gained Sierra Rutile shareholder approval.
The acquisition of Sierra Rutile will enhance Iluka's rutile portfolio position and sits alongside its existing position as the largest global zircon producer.
Iluka’s stock gained 3.30% on the ASX on Tuesday to trade at A$6.26 a share.