Kumba still in talks over Ticor buyout
July 12, 2005
Australian titanium and pigment group Ticor said yesterday it was still in talks with majority shareholder Kumba Resources about a buyout proposal.
Kumba, which has a minerals sands joint venture with Ticor, made an indicative offer of A$203 million (R1.04 billion), or A$1.70 a share, for the 48.5 percent of Ticor it does not already own. But some Ticor shareholders have said the bid is too low.
`It remains uncertain as to whether any firm proposal will eventuate and it is possible that any firm proposal might be at a different price and subject to different conditions to the indicative proposal received,` Michael Butler, the chairman of Ticor`s independent directors, said in a statement.
Independent directors continued to make no recommendation about the proposal. Ticor`s shares eased 0.6 percent to A$1.71. The shares traded as high as A$1.88 after the offer was made in late May.
Kumba, South Africa`s biggest producer and the world`s fourth-largest exporter of iron ore, is majority owned by Anglo American. - Reuters, Sydney
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
