The Russian steel and iron ore producer Evraz Group today announced an offer to acquire the remaining shares issued by the South African company Highveld Steel and Vanadium Corporation (Highveld) for a consideration of $11.40 per share.
The offer is valid till 17:00 South African time on July 4, 2007 unless extended by Evraz in accordance with all laws and regulations.
In addition, Evraz still has an option to buy the Credit Suisse-owned 24.9 percent stake in Highveld.
Currently, Evraz holds an approximate 54.1 percent stake in the South African producer. Under South African law, Evraz is required to make a mandatory offer to all shareholders of Highveld as its stake exceeds 35 percent.