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Chinese take Bullabulling bid battle to London

By Robert Tyerman | Thursday 19 June 2014


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Dianmin Chen, chief executive officer of Chinese-owned Australian mining group Norton Gold Fields, is bringing the company’s campaign to buy Down Under and AIM-quoted West Australian bullion play Bullabulling Gold (BGL), to the target company’s London shareholders. Norton, which is 82 per cent-owned by Zijin Mining, China’s leading gold producer and second largest copper producer, has put a marginally improved hostile and conditional cash offer of 8 cents (4.4p) on the table. Worth £14 million, on the table, this is the ‘best and final’ offer Norton will make, while it scours the sector for more bid candidates in pursuit of its aim ‘to expand worldwide’.


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