Celtic Got Takeover Hint
Celtic Resources Holdings that mines gold, copper and molybdenum in Kazakhstan and Russia has faced the takeover offer. The news drove the company’s quotes up by 12 percent, and the analysts point to Severstal as potential buyer. Though indirectly, Severstal owns 22 percent in Celtic already.
The BOD of Celtic Resources Holdings has received a preliminary offer that will or won’t result in the purchase, the company reported via the Web yesterday. Celtic refused to name potential buyer, but promised to come up with details in the nearest days.
Incorporated in Ireland, Celtic Resources Holdings operates in Kazakhstan, owning there 100 percent in Suzdal gold mine, 75 percent in Zherek mine and a half in Shorsky molybdenum mine. It also has 74.5 percent in the project for development of Tominsk cooper and gold deposit and 100 percent in Mikheevskoe copper and gold deposit in the Chelyabinsk region.
The company’s principal holder is Severstal-affiliated Bluecone Limited, which bought 22 percent in Celtic for $54.4 million in August 2007. The authorized capital of Celtic amounts to $54.4 million.
According to analysts, the most probable buyer of Celtic is Severstal. “Not long ago, Severstal owner Alexey Mordashov said he was studying potential creation of a separate company that will deal with production of nonferrous and precious metal and to which, in all probability, the share in Celtic will be transferred,” explained Mikhail Pak from IG Capital, specifying that the current 22 percent won’t give much in terms of management.
www.kommersant.com
All the Article in Russian as of Sep. 19, 2007
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