China’s Cathay Fortune in $848m takeover bid for Discovery Metals
Cathay Fortune Corp, a private equity firm founded by Chinese billionaire Yu Yong, has made a A$830 million ($848 million) takeover bid for Australian copper producer Discovery Metals. A fund set up by China Development Bank (CDB) is supporting the proposed deal.
The Shanghai-based investor has offered A$1.70 a share in cash - a 17% premium to yesterday's closing price and a 45% premium to the company's volume-weighted average price over the past 20 trading sessions...
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