(Adds offer details, background)
March 21 (Reuters) - Australian billionaire Andrew
Forrest-backed Wyloo Metals said on Tuesday its unit offered to
buy all the shares of Mincor Resources it does not
already own, valuing the nickel miner at A$750.3 million
($504.05 million).
The unit plans to buy Mincor shares at A$1.40 cash apiece as
part of the offer, Wyloo said. The offer price represents a
34.6% premium to Mincor's last close.
The offer from Wyloo, which already owns a 19.9% stake in
Mincor, comes amid an increasing number of deals for nickel
assets, a key battery metal used in electric vehicles.
($1 = 1.4885 Australian dollars)
(Reporting by Himanshi Akhand in Bengaluru; Editing by Shounak
Dasgupta)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.