Last Updated :
16 October 2009 at 12:05 IST
BHP launches takeover bid for United Minerals
MELBOURNE (Commodity Online) : Worlds’ largest mining company, BHP Billiton Ltd on Friday said it will launch a $188 million bid to takeover United Minerals Corporation.
However, it said the offer is conditional on United Minerals canceling its plans to sell an 11.4 percent stake to China Railway Materials Commercial Corp Group.
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United Minerals Corporation said it will recommend shareholders to accept BHP's offer.
BHP's bid would give the miner access to more of the rich iron ore deposits in the Pilbara region of remote northwestern Australia.
The company's offer of AU$1.30 a share is a 43 percent premium to United Minerals' last traded price of AU$0.91 on Oct. 6, the day before Perth-based miner went into a trading halt.
BHP Billiton iron ore president Ian Ashby called United Minerals a "natural fit" for his company.
Several deals for Chinese companies to buy stakes in Australian miners have foundered recently amid opposition to bids for the country's mineral resour
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