OZ Minerals Ltd rejected a US$1.2 billion recapitalization proposal by about 20 institutions led by RFC Group and Royal Bank of Canada, the Sydney Morning Herald reported on its Web site.
The OZ Minerals board rejected the rival offer to state-owned China Minmetals Group’s (五礦集團) US$1.2 billion bid because it undervalued the Australian mining company, the newspaper said, without citing anybody.
An unnamed spokesman for RFC confirmed the rebuff, the newspaper said.
Calls to Matthew Foran, a spokesman for Melbourne-based OZ Minerals, weren’t answered. Yesterday was a public holiday in Australia’s eastern states.
Minmetals, China’s biggest metals trader, is seeking to complete the purchase of mines from OZ Minerals next month, giving it control of the world’s second-biggest zinc mine and supplies of copper, gold and nickel.
OZ Minerals agreed to the sale in April after the Australian government rejected a full takeover bid by Minmetals.
OZ Minerals was expected to issue a statement today, the Herald said yesterday.
Minmetals’ proposal will be put to a shareholder vote on Thursday, it said.
OZ Minerals, formed by the merger of Oxiana Ltd and Zinifex Ltd last year, needs capital to pay about US$1.1 billion in debt after a rout in commodity prices.
It owns the Prominent Hill copper mine in South Australia state.
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