SYDNEY May 28 Investment bank Morgan Stanley
(MS.N) has presented a recapitalisation proposal to Australian
miner OZ Minerals Ltd (OZL.AX), giving it an alternative to its
planned takeover by China's Minmetals, the Australian Financial
Review said on Thursday.
Citing no sources, the business daily said Morgan Stanley
had made the proposal to raise capital to pay off OZ Minerals'
debt through a raising of $1 billion at 48 cents a share.
The deal may also include a debt facility and a cornerstone
investor, the paper said, though this was uncertain.
The paper said OZ's general manager of business
development, Bruce Loveday, declined to comment on specific
proposals, but said the board had an obligation to look at any
proposal that could be superior for shareholders.
However the company's outgoing chief executive, Andrew
Michelmore, told Reuters on Wednesday that no other proposals
would be put to shareholders at a meeting to vote on the
Minmetals deal on June 11.
"There's speculation and rumours but there is only one
clear offer on the table. It goes to the vote on June 11," said
Michelmore, speaking on the sidelines on a mining conference.
"It provides a total solution to our refinancing and in the
absence of a superior offer the board will be unanimously
recommends it as the best option."
OZ Minerals has agreed to sell most of its assets to
China's Minmetals for $1.21 billion in a revised deal after the
Australian government blocked a previous offer from Minmetals
on national security grounds.
(Reporting by Jonathan Standing)