Adriatic Metals, a treasured metals mining group, is within the early levels of takeover talks which might result in it changing into the most recent London-listed firm to succumb to an abroad bidder.
Sky Information understands that Adriatic Metals is within the very early levels of discussions with Dundee Treasured Metals, a Toronto-listed peer.
The standing of the talks and different key particulars, together with any provide value below negotiation, had been unclear on Tuesday.
One particular person near the state of affairs stated it was unclear whether or not any formal provide would emerge.
Cash weblog: What Canary Islands protest means in your vacation
Valued at about £610m, Adriatic has a market capitalisation roughly one-third of that of Dundee, which has a presence within the Balkans.
With a traditional takeover premium factored in, any provide might worth the goal at nicely over £700m, based on bankers.
Adriatic produces copper, gold, lead, silver and zinc from lately developed mining operations in Bosnia and Herzegovina.
The corporate is run by chief government Laura Tyler, a former senior BHP government who’s amongst few feminine bosses within the world mining trade.
London-listed shares in Adriatic Metals had been almost 6% greater in Tuesday afternoon buying and selling amid rising bid hypothesis.
The 2 firms had been rumoured to have held comparable talks as lately as final 12 months, though they didn’t progress to any type of public affirmation.
A spokesman for Adriatic, which can be quoted in Australia, declined to remark, whereas Dundee couldn’t be reached for remark.
