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Ukraine billionaire wins control of Consolidated

Thu Jan 3, 2008 1:05am EST

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MELBOURNE, Jan 3 (Reuters)- Ukrainian billionaire Gennadiy Bogolyubov on Thursday won control of the hotly-contested Australian manganese miner Consolidated Minerals Ltd <CSM.AX, a month after upping the bid to A$1.3 billion ($1.1 billion).

Bogolyubov's private Palmary Enterprises Ltd said it now holds more than 232 million shares, or 90.02 percent, of Consolidated, which controls about 10 percent of the world's manganese, used to harden steel.

Consolidated has been a takeover target since early last year, when another private group, Pallinghurst Resources, launched a friendly offer that soon turned hostile after competing offers poured in.

During the foray, which also saw a bid by Consolidated's former managing director Michael Kiernan's newly-formed Territory Resources Ltd. (TTY.AX), Consolidated's market value more than doubled. Territory dropped out in October. ($1=A$1.13) (Reporting by James Regan)



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