Deals
Glencore Proposes Cash Bid Valuing Optimum Coal at $1.2 Billion
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Glencore International Plc, the largest publicly traded commodities supplier, proposed a cash takeover of Optimum Coal Holdings Ltd. that values the South African target at $1.2 billion, to add mines as prices gain.
A Glencore-led group plans to offer 34 rand ($4.85) a share, the Baar, Switzerland-based company said today in a statement. Optimum said it received a further approach, without identifying the potential rival bidder, and doesn’t view Glencore’s move as a firm intention to make an offer.