SYDNEY, Jan 21 (Reuters) - Australia's BC Iron has recommended a cash takeover offer from major shareholder Hong Kong's Regent Pacific Group in a deal valuing the company at A$345 million ($341 million).
Regent, which owns a 19.87 percent stake, is offering A$3.30 cash per share for BC Iron.
BC Iron's biggest shareholder is Consolidated Minerals, owned by Ukrainian billionaire Gennadiy Bogolyubov's Palmary Enterprises.
BC Iron and Regent's shares were placed in a trading halt on Wednesday pending the transaction. BC Iron's core asset is its Nullagine coal project, a 50-50 joint venture with Fortescue Metals. ($1 = 1.012 Australian Dollars)
(Reporting by Michael Smith; editing by Balazs Koranyi) Keywords: BCIRON/ (michael.jsmith@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Regent, which owns a 19.87 percent stake, is offering A$3.30 cash per share for BC Iron.
BC Iron's biggest shareholder is Consolidated Minerals, owned by Ukrainian billionaire Gennadiy Bogolyubov's Palmary Enterprises.
BC Iron and Regent's shares were placed in a trading halt on Wednesday pending the transaction. BC Iron's core asset is its Nullagine coal project, a 50-50 joint venture with Fortescue Metals. ($1 = 1.012 Australian Dollars)
(Reporting by Michael Smith; editing by Balazs Koranyi) Keywords: BCIRON/ (michael.jsmith@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.