Palmary Enterprises (Palmary) - which is controlled by the Ukrainian investment company Privat Group (Privat) - has announced an increase in its unconditional cash takeover offer for all shares in Australian mining company Consolidated Minerals Limited (ConsMin) to $5.00 per ConsMin share, thus leaving its competitor no choice but to drop its bid.
Pallinghurst Consortium (Pallinghurst), Palmary's rival in the ConsMin takeover bid, has stated that it has no intention to further participate in the ConsMin takeover battle and is willing to accept Palmary's increased offer for its shares in ConsMin.
The offer is expected to be closed at 7 p.m. (Melbourne time) on December 20, 2007. If the deal goes through, Privat will get access to nearly one million metric tons of manganese per annum, which is mainly used in stainless steel and ferroalloy production.