Rio Tinto interested in Kenmare Word is on the street the Rio Tinto eyes Kenmare as a nice bolt-on acquisition. If true and if this goes ahead, this certainly will bode well for the titanium industry as a whole and RGX (although still quite somedistance from production) in particular. And a 100% premium is not bad..
best,
M
09/02/2012 Kenmare Resources might attract bid from Rio Tinto – market reports
Story Kenmare Resources, the listed Anglo-Irish titanium mining group, might attract a takeover bid from Rio Tinto, a Daily Express market report claimed. The article did not cite sources for the speculation.
A market report in The Independent also mentioned talk of a possible bid for Kenmare by Rio Tinto, the UK-listed mining group. The article did not cite sources, but said the bid chatter was met with skepticism by some in the City.
The Daily Mail’s market report section also noted the rumours of a Rio Tinto bid for Kenmare, but did not attribute the speculation.
Market reports in The Times and the Financial Times also mentioned bid rumours surrounding Kenmare, but did not name potential bidders. The Times article noted talk of a potential 100p per share offer.
Kenmare Resources’ share price closed 0.75p up at 50.25p in London yesterday, valuing the company at GBP 1.21bn (EUR 1.44bn).
Source Daily Express, Independent, Daily Mail (mergermarket.com)
Value EUR 1,412m (Kenmare Resources market capitalisation)