The Reserve Bank of India (RBI) has approved Australian miner Metal X’s improved takeover offer for its subsidiary Aditya Birla Minerals Ltd (ABML), said Aluminium maker Hindalco.
Metal X offered 1 fully paid ordinary share in Metals X Ltd for 4.5 ABML shares and AUD (Australian dollar) 0.08 in cash for every ABML share held. The offer was conditional upon Hindalco’s acceptance and confirmation that it has obtained the requisite approval from the RBI.
On April 26, the flagship firm of the Aditya Birla Group had received an improved takeover bid for an Australian subsidiary of Metals X Ltd.
Metals X operates three key divisions including gold , tin and nickel as well as other exploration activities. It aims to expand its operating and commodity diversification strategy by adding copper.
Iraq’s oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC’s second-largest producer back on track after two months of declines.
Iraq in 2015 provided OPEC’s biggest rise in supply. The growth has slowed this year due to maintenance and technical problems, and Iraqi officials say seasonally higher domestic use has curbed volumes available for export.
Exports from southern Iraq in the first 21 days of July have averaged 3.28 million barrels per day (bpd), according to loading data tracked by Reuters and an industry source. That would be up from 3.18 million bpd in June.
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