China's Meijin bids $457 mln for Australian miner Western Desert
SYDNEY, Sept 18
SYDNEY, Sept 18 (Reuters) - China's Meijin Energy Group has bid A$435 million ($457 million) to acquire Australian diversified miner Western Desert Resources Ltd, Western Desert said on Tuesday.
The offer of A$1.08 per share is a 26 percent premium to Western Desert's last closing price. Western Desert said the offer value includes the rights for option holders to exercise their options and participate in the offer.
Meijin's interests span coal mining, coke production and steel making. It is developing a 4.2 billion tonne coal project in Galilee basin in Queensland state. Western Desert's portfolio includes iron ore, gold, base metals and uranium, it said. ($1 = 0.9521 Australian dollars) (Reporting by Narayanan Somasundaram; Editing by Chris Gallagher)
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