Hindalco To Accept Metal X’s Offer For Sale Of Australian Arm

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Aluminium maker Hindalco on Tuesday said it will accept the Australian miner Metal X’s improved takeover offer for its Australia-based subsidiary Aditya Birla Minerals Ltd.

In a regulatory filing, Hindalco said Metal X, a listed company in Australia, has made an announcement regarding its “intention to improve its ongoing takeover offer for acquiring shares of ABML under the relevant laws of Australia”.

Metal X has offered 1 fully paid ordinary share in Metals X Ltd for 4.5 ABML shares and AUD (Australian dollar) 0.08 in cash for every ABML share held, the filing added.  The above offer is conditional upon Hindalco’s acceptance and confirmation that it has obtained the requisite approval of Reserve Bank of India in this regard.

Currently, Metals X operates three key divisions – gold, tin and nickel as well as other exploration activities. It aims to expand its operating and commodity diversification strategy by adding copper as a new operating division.