Last Updated :
11 November 2009 at 16:30 IST
Centaurus, Glengarry to merge for Brazil project
PERTH (Commodity Online) : Two of Australia’s top miners, Centaurus Resources Ltd and Glengarry Resources Ltd have agreed to merge, creating a potentially significant producer of iron ore in Brazil.
The Perth-based companies have entered into an implementation agreement to merge by way of an off-market takeover bid in which Glengarry would acquire all the shares in Centaurus.
Centaurus's board have recommended unanimously that shareholders support the agreement in the absence of a superior proposal.
The merged entity would focus on Centaurus's portfolio of iron ore assets in Brazil, where production is due to begin in late 2010.
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