OZ Minerals Ltd rejected a US$1.2 billion recapitalization proposal by about 20 institutions led by RFC Group and Royal Bank of Canada, the Sydney Morning Herald reported on its Web site.
The OZ Minerals board rejected the rival offer to state-owned China Minmetals Group’s (五礦集團) US$1.2 billion bid because it undervalued the Australian mining company, the newspaper said, without citing anybody.
An unnamed spokesman for RFC confirmed the rebuff, the newspaper said.
Calls to Matthew Foran, a spokesman for Melbourne-based OZ Minerals, weren’t answered. Yesterday was a public holiday in Australia’s eastern states.
Minmetals, China’s biggest metals trader, is seeking to complete the purchase of mines from OZ Minerals next month, giving it control of the world’s second-biggest zinc mine and supplies of copper, gold and nickel.
OZ Minerals agreed to the sale in April after the Australian government rejected a full takeover bid by Minmetals.
OZ Minerals was expected to issue a statement today, the Herald said yesterday.
Minmetals’ proposal will be put to a shareholder vote on Thursday, it said.
OZ Minerals, formed by the merger of Oxiana Ltd and Zinifex Ltd last year, needs capital to pay about US$1.1 billion in debt after a rout in commodity prices.
It owns the Prominent Hill copper mine in South Australia state.
PLA MANEUVERS: Although Beijing has yet to formally announce military drills, its coast guard vessels have been spotted near and around Taiwan since Friday The Taiwanese military is on high alert and is closely monitoring the Chinese People’s Liberation Army’s (PLA) air and naval deployments after Beijing yesterday reserved seven airspace areas east of its Zhejiang and Fujian provinces through Wednesday. Beijing’s action was perceived as a precursor to a potential third “Joint Sword” military exercise, which national security experts said the PLA could launch following President William Lai’s (賴清德) state visits to the nation’s three Pacific allies and stopovers in Hawaii and Guam last week. Unlike the Joint Sword military exercises in May and October, when Beijing provided detailed information about the affected areas, it
Five flights have been arranged to help nearly 2,000 Taiwanese tourists return home from Okinawa after being stranded due to cruise ship maintenance issues, the Ministry of Transportation and Communications announced yesterday. China Airlines Ltd (中華航空), and EVA Airways Corp (長榮航空) have arranged five flights with a total of 748 additional seats to transport 1,857 passengers from the MSC Bellissima back to Taiwan, the ministry said. The flights have been scheduled for yesterday and today by the Civil Aviation Administration, with the cruise operator covering all associated costs. The MSC Bellissima, carrying 4,341 passengers, departed from Keelung on Wednesday last week for Okinawa,
US president-elect Donald Trump said he would “never say” if Washington is committed to defending Taiwan from China, but “I would prefer that they do not do it [ an attack],” adding that he has a “good relationship” with Chinese President Xi Jinping (習近平). “I never say because I have to negotiate things, right?” Trump said in an interview with NBC’s Meet the Press host Kristen Welker after saying he would not reveal his incoming administration’s stance on Taiwan’s defense in the event of an attack. Asked the question again, Trump, in a reference to China, said: “I would prefer that they
CROSS-STRAIT TENSIONS: MOFA demanded Beijing stop its military intimidation and ‘irrational behavior’ that endanger peace and stability in the Indo-Pacific region The Presidential Office yesterday called on China to stop all “provocative acts,” saying ongoing Chinese military activity in the nearby waters of Taiwan was a “blatant disruption” of the “status quo” of security and stability in the Indo-Pacific region. Defense officials said they have detected Chinese ships since Monday, both off Taiwan and farther out along the first island chain. They described the formations as two walls designed to demonstrate that the waters belong to China. The Ministry of National Defense yesterday said it had detected 53 military aircraft operating around the nation over the past 24 hours, as well
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