LNM raises its Iscor stakes to 47%

LNM raises its Iscor stakes to 47%

Minority shareholders in South African steel group Iscor had approved to adjourn the special meeting regarding LNM's partial offer for the South African firm. LNM's request for this adjournment was to carry out further talks with the key minority shareholders in this respect. LNM has now succeeded to buy the 12.19% stake from minority shareholders and now owns 47% of Iscor. This equity purchase costs the group a $220 million, paid at ZAR 33/share for 54.34 million shares. Shareholders have waived their rights to a general mandatory offer unless LNM stakes reaches 60% of Iscor shares. According to reports, LNM could increase its shares by up to 10% through a business technical agreement.