M&A Roundup: Rio Tinto, Exxaro, MTN in the headlines
Also, Intu Properties takeover fails, Tawana Resources merging with Alliance Mineral Assets and more.
Diversified miner Rio Tinto has signed a binding agreement with China National Uranium Corporation (CNUC) to divest of its 68.62 percent stake in the Namibia-based Rössing uranium mine for up to $106.5 million (R1.5 billion).
South Africa’s Exxaro Resources has agreed to cut ties with Tronox by selling its 24 percent remaining stake in the New-York-listed mineral sands producer.
Under the agreement, Exxaro will sell its 24 percent stake to Tronox or to third parties, the company announced on Tuesday.
The shareholders of JSE-listed Tawana Resources have approved a merger with Alliance Mineral Assets, the former company announced on Tuesday.
The company announced that 92.6 percent of shareholders had voted in favour of the merger at a scheme meeting held in Perth, Australia.
PSG Konsult, the wealth and asset management unit of PSG Group, said it has met all conditions to its acquisition of a short-term face-to-face advisory insurance brokerage business from Absa Insurance and Financial Advisors.
Minerals exploration and development company Kibo Mining said it has completed the sale of Kibo Nickel to Katoro Gold, an exploration firm, in an all share transaction following receipt of relevant regulatory approvals.
Intu Properties said a group of investors does not intend to proceed with a formal £2.85 billion (R50 billion) offer for to acquire the London and Johannesburg-listed shopping mall owner amid ongoing “uncertainty around current macroeconomic conditions and the potential near-term volatility across markets.”
MTN Rwanda has secured a Rwf50 billion (R774 million) loan from a syndicate of eight local banks for the telecommunications company to expand and modernise its network and related IT systems.