Chinese Make $1.4bn Bid For Miner PanAust
PANAUST’S long-term supportive shareholder has turned hostile, proposing a $1.4 billion takeover bid which the target has immediately said materially undervalues its copper and gold assets.
Guangdong Rising Assets Management Co., a state-owned Chinese investment group, offered to take control of PanAust Ltd. (PNA) in a cash bid that values the Laos-focused copper producer at A$1.5 billion ($1.4 billion).
Buying PanAust would give Guangdong Rising control of mines in Laos as well as the ….