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Exxaro grabs African Iron assets

Exxaro grabs African Iron assets

Gilbert + Tobin and Freehills have advised on a cash takeover bid for African Iron by Exxaro Resources.

Firms: Gilbert + Tobin (Exxaro Resources Limited), Freehills (African Iron)

Deal: Cash takeover bid for ASX-listed iron ore exploration and development company African Iron Limited

Area: Corporate

Value: $338 million

Key players: Corporate advisory partners Neil Pathak and Julie Athanasoff (pictured) led the G + T team, assisted by energy and resources partners Michael Blakiston and Claire Boyd, and lawyers Ailyn Choo, Nirangjan Nagarajah and Callista Barrett

Deal significance: This deal gives Exxaro, a South African-based mining company listed on the Johannesburg Stock Exchange, the opportunity to realise its stated ambitions of developing a significant iron ore asset and to add significant value to the project. African Iron’s key asset is its 92 per cent interest in the Mayoko iron ore project in the Republic of Congo. The bid was successful in a very short time, with the bid being announced on 11 January 2012 and achieving more than 90 per cent acceptances on 27 February. The takeover bid involved a two-tier offer price structure which increased from $0.51 per share to $0.57 per share upon Exxaro obtaining an interest of 75 per cent in African Iron.

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Exxaro grabs African Iron assets
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