LONDON (dpa-AFX) - Glencore International plc (GLEN.L, GLNCY.PK, GLCNF.PK) said it has completed the acquisition of a further 24.49 percent equity interest in Samref Overseas S.A. from High Grade Minerals S.A. and a further 1 percent equity interest in Samref Congo Sprl from Groupe Bazano Sprl under two separate share purchase deals, for an aggregate cash consideration of $340 million.
Further, Glencore has purchased shareholder debts owed to HGM in the amount of about $140 million. According to the acquisition, Glencore has increased its total equity interest in Samref Overseas from 50 percent to a controlling interest of 74.49 percent and as a result its indirect equity interest in Mutanda Mining Sprl to 60 percent, thereby obtaining majority control over Mutanda and its operations.
Also, Glencore has the right to buy in the period between 15 December 2013 and 31 December 2013 the remaining 25.51 percent indirect equity interest held by HGM in Samref Overseas for a total cash consideration of $430 million.
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© 2012 AFX News
