http://www.finamrus.com/newtopics/news03A8C/default.asp
Severstal-Resource (which runs Severstal’s mining assets) has made an official takeover offer to Celtic Resources Holdings. As Severstal said in a statement released Friday, the offer stands at 2.70 pounds per share. At present, Severstal holds a 29.7% stake in the Irish company. The statement of the Russian metal maker specifies that an additional 3.1% stake in Celtic was acquired from DWS Investments Friday, but no transaction price was disclosed. “We have received confirmation that Barrick Gold, which holds a 6.6% interest in Celtic, will back our takeover offer” – the statement emphasized. Severstal points out that the price of the takeover offer is 43.6% higher than the market value of the Irish metal producer’s shares over the past 3 months. Given the price offered by Severstal, the market cap of Celtic Resources Holdings is estimated at 161 mln pounds sterling. Shortly after Severstal’s announcement of the takeover offer Celtic stocks rallied 13% on LSE.
