logo-loader

Sierra Rutile directors agree £215mln Iluka takeover

Published: 07:35 01 Aug 2016 BST

picture of handshake
Deal values Sierra Rutile at about £215mln including options

Sierra Rutile’s (LON:SRX) board of directors and major shareholder have accepted a takeover bid from Iluka Resources that values it at £215mln.

The Sierra Leone-based mineral sands group received the 36p cash offer on Friday and said 53.4% shareholder Pala Resources had now agreed to the bid.

Including other shareholders and directors, Australia-listed Iluka has acceptances totalling 60.15%.

Sierra Rutile said the offer “provides attractive certainty and liquidity for SRL and its shareholders as a whole.” 

John Sisay, Sierra Rutile’s chief executive, added that Iluka was a financially strong and established owner with a successful track record in the mineral sands sector. 

David Robb, Iluka’s managing director, said: "SRL is a long life operation, with an established position in high grade chloride feedstock markets.

Iluka is confident the application of its industry-specific technical expertise, together with its market access and reach, will enhance the SRL business.”

FTSE rises ahead of Easter weekend, JD Sport gains on upbeat outlook -...

The FTSE 100 gained on the final morning of this shortened Easter trading week. Festive cheer was limited though, as Thames Water confirmed shareholders would not provide it with a £500 million rescue package, prompting speculation over the London supplier’s future. On a more positive...

1 hour, 23 minutes ago