OZ Minerals refutes 'superior bid' reports

05 June 2009

OZ Minerals yesterday brushed aside media speculation of a rival proposal for its assets taking shape in the market, reportedly involving Sydney-based advisory business RFC Group and Canadian investment bank RBC Capital Markets.

Refuting the reports, Oz and issued a statement yesterday informing the market that it had not received any superior offer to the China Minmetals.

"OZ Minerals notes the recent media speculation about possible recapitalisation proposals," a company statement to the Australian Stock Exchange said on Thursday.

"OZ Minerals has not received a recapitalisation proposal which it considers to be a superior alternative to the China Minmetals transaction," it said.

The company on Wednesday said that it has obtained all the necessary approvals from the Australian and Chinese authorities for the sale of a major portion of its assets to China's Minmetals at a cost of $1.5 billion, (See: OZ Minerals-Minmetal deal gets final Chinese nod).

The plan would involve $1.25 billion in new equity and convertible bonds, and another near $250 million in a working capital facility.