African Iron backs takeover bid

Afrminerals processing plant manufacturerican Iron's board has recommended shareholders accept Exxaro's $338 million takeover offer.

Exxaro has offered up to $338m for the prospective iron ore miner in the Republic of Congo. The South African miner is offering 51 cents for each African Iron share and 31c for each listed option. If Exxaro acquires at least 75 per cent of African Iron's shares, it will boost its takeover offer to 57c per share and 37c per option. African Iron's acceptance follows the announcement earlier in the week its largest shareholder, Cape Lambert, had formally accepted Exxaro's offer. Cape Lambert has a 20 per cent interest in...