Ticker	Volume	Price	Price Delta
DJIA	15,287.50	-6.99	-0.05%
S&P 500	1,648.86	-1.65	-0.10%
Nasdaq	3,453.08	-6.33	-0.18%

Ticker

Volume

Price

Price Delta

DJIA

15,287.50

-6.99

-0.05%

S&P 500

1,648.86

-1.65

-0.10%

Nasdaq

3,453.08

-6.33

-0.18%

Ticker	Volume	Price	Price Delta
STOXX 50	2,764.29	-12.49	-0.45%
FTSE 100	6,654.34	-42.45	-0.63%
DAX	8,305.32	-46.66	-0.56%

Ticker

Volume

Price

Price Delta

STOXX 50

2,764.29

-12.49

-0.45%

FTSE 100

6,654.34

-42.45

-0.63%

DAX

8,305.32

-46.66

-0.56%

Ticker	Volume	Price	Price Delta
Nikkei	14,612.50	+128.47	0.89%
Hang Seng	22,618.70	-51.01	-0.23%
S&P/ASX 200	4,983.50	-78.95	-1.56%

Ticker

Volume

Price

Price Delta

Nikkei

14,612.50

+128.47

0.89%

Hang Seng

22,618.70

-51.01

-0.23%

S&P/ASX 200

4,983.50

-78.95

-1.56%

Cathay Fortune to Abandon Bid for Discovery on Botswana Concerns

By Soraya Permatasari - 2013-02-01T06:03:20Z

Chinese billionaire Yu Yong’s Cathay Fortune Corp. will not proceed with a bid to acquire Discovery Metals Ltd. (DML) over concerns related to the Australian company’s copper project in Botswana.

Cathay Fortune Investment Ltd., the bidding group that consists of Shanghai-based Cathay Fortune and partner China- Africa Development Fund will allow its offer, which closes Feb. 15, to lapse, it said today in a statement to the Australian stock exchange.

Discovery shares fell 3.3 percent to A$1.04, their lowest level since Sept. 7, at the close in Sydney today.

Cathay Fortune extended its A$1.70 a share offer period this week for a third time. The bid went hostile in October after Discovery rejected the offer as too low. Cathay Fortune held 15.18 percent of Discovery, according to a Jan. 29 statement from the Shanghai-based private equity firm, which would have valued the bid at A$702 million ($730 million).

Cathay Fortune extended its offer to study a downgrade in reserves and lower-than-expected ore grades at the Zeta deposit in Botswana, it said in a statement on Jan. 30. Discovery said in a statement today Cathay Fortune’s concerns were “ill- founded.”

To contact the reporter on this story: Soraya Permatasari in Melbourne at soraya@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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