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SMALL BUSINESS
BHP vies with China company for Australian miner
AP
SYDNEY -BHP Billiton Ltd., the world's biggest mining company, Friday launched a 204 million Australian dollars ($188 million) bid for United Minerals Corporation — a takeover that would force the smaller miner to scrap a Chinese deal.
Melbourne-based BHP's offer is conditional on United Minerals canceling its plans to sell an 11.4 percent stake to China Railway Materials Commercial Corp Group. United Minerals is recommending shareholders accept BHP's offer.
BHP's bid would give the miner access to more of the rich iron ore deposits in the Pilbara region of remote northwestern Australia.
The company's offer of AU$1.30 a share is a 43 percent premium to United Minerals' last traded price of AU$0.91 on Oct. 6, the day before Perth-based miner went into a trading halt.
BHP Billiton iron ore president Ian Ashby called United Minerals a "natural fit" for his company.
Several deals for Chinese companies to buy stakes in Australian miners have foundered recently amid opposition to bids for the country's mineral resources.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-16 02:49:19
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