<article><a style="color: #000080; text-decoration: underline;" href="http://www.dealstreetasia.com/?s=Aditya+Birla+Group%E2%80%99s+Hindalco+Industries">Aditya Birla Group’s Hindalco Industries</a> Ltd on Tuesday said it has agreed to accept a takeover bid from <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=MetalsX+Ltd">MetalsX Ltd</a> for its Australian subsidiary <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Aditya+Birla+Minerals+Ltd">Aditya Birla Minerals Ltd (ABML)</a>.</article>

<a style="color: #000080; text-decoration: underline;" href="http://www.dealstreetasia.com/?s=Aditya+Birla+Group%E2%80%99s+Hindalco+Industries">Aditya Birla Group’s Hindalco Industries</a> Ltd on Tuesday said it has agreed to accept a takeover bid from <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=MetalsX+Ltd">MetalsX Ltd</a> for its Australian subsidiary <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Aditya+Birla+Minerals+Ltd">Aditya Birla Minerals Ltd (ABML)</a>.
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.
“We would like to inform that Hindalco has communicated to ABML its intention to accept the offer subject to receiving the approval of the RBI and no bona fide superior proposal being announced by a third party within 5 business days of Metals X announcing its intention,” Hindalco said in a statement sent to <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Bombay+Stock+Exchange">Bombay Stock Exchange (BSE)</a> on Tuesday. Hindalco holds 51% stake in ABML.
MetalsX and ABML have been in a long-drawn takeover battle for close to a year. In May last year, MetalsX wrote to ABML to commence merger discussions, but ABML failed to initiate any. In October, MetalsX again made a takeover offer to ABML by offering to exchange one MetalsX share for five ABML shares.
Part of ABML’s assets is the Nifty copper mine which currently supplies 10% of the raw material required for Hindalco’s copper smelter at Dahej in Gujarat. In September, ABML had sold its Mt Gordon copper mine for A$15 million, less than the A$21 million it paid for it in 2003.
ABML had also appointed Moelis Australia Advisory Pty Ltd to assist in a strategic business review, in which all options including sale, will be considered for the remaining assets.
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<h4 style="text-align: justify;">This story was first published on <a href="http://www.livemint.com">livemint.com</a></h4>

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India: Hindalco set to accept MetalsX takeover bid for ABML

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