The Russian steel and mining group Mechel has announced that it has reached an agreement on the terms of a recommended cash offer to be made for all shares issued or to be issued by the London-based nickel and chrome mining and processing company Oriel Resources Plc.
Under the offer, Mechel will pay $2.1986 per each Oriel share, amounting to a total consideration of $1.498 million for a 100 percent stake in Oriel. The offer is a subject to antitrust clearances in both Russia and Kazakhstan.