Australian copper producer Discovery Metals Ltd., which has mines in Botswana, is being eyed for acquisition by Chinese private equity firm Cathay Fortune Corp. for A$830 million ($848 million).
The Chinese firm, which currently controls 13.7 per cent of the ordinary shares of Discovery Metals, offered A$1.70 a share in cash for the remaining stock that it does not own yet in Discovery. The bid, which is 17 per cent higher than Discovery's closing price on Oct. 3, would mean that Cathay Fortune would take up 75 per cent of the copper producer, while the China-Africa Development Fund the remaining 25 per cent.
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