LONDON, Sept 19 Minara Resources ,
Australia's no. 2 nickel miner, said shareholders should accept
an A$268 million ($278 million) offer from global commodities
trader Glencore , which last month bid for the shares it
does not already own.
Minara is 73 percent owned by Glencore.
Glencore, which dropped its conditions on the offer last
week, said last month it would offer A$0.87 per share, a 36
percent premium to the closing price before the offer was
Minara's independent directors said on Monday the offer was
a "fair reflection of the underlying value" of the stock and
there was "no practical possibility of a superior competing
"We unanimously recommend that you accept the Glencore
offer," chairman Malcolm Macpherson said.
Minara, which operates the Murrin Murrin nickel mine in
Western Australia, is targeting production of 33,000-37,000
tonnes of nickel in 2011, second to BHP Billiton's
Nickel West division.
The offer will close on Oct. 10.
($1 = 0.964 dollar)
(Reporting by Clara Ferreira-Marques; Editing by Dan Lalor)