India: Hindalco set to accept MetalsX takeover bid for ABML

Visual sourced from Aditya Birla Minerals website

Aditya Birla Group’s Hindalco Industries Ltd on Tuesday said it has agreed to accept a takeover bid from MetalsX Ltd for its Australian subsidiary Aditya Birla Minerals Ltd (ABML).

Australia’s MetalsX Ltd, a diversified resource company, has made an improved offer to ABML to acquire its shares. In its new offer, MetalsX will acquire 4.5 ABML shares in exchange of one fully paid ordinary share of MetalsX and Australian $0.8 in cash for every ABML share held.

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