MW: Eurasian Natural to buy CAMEC in $955 million deal
LONDON (MarketWatch) -- Mining company Eurasian Natural Resources Corp. (UK:ENRC 905.50, +11.00, +1.23%) said Friday that it's agreed on the terms of a deal to acquire Central African Mining & Exploration Co. (UK:CFM 19.75, +1.25, +6.85%) for 20 pence a share in cash. The deal values CAMEC at approximately 584 million pounds ($955 million). Eurasian Natural said the offer represents a premium of around 67% to the closing price of 12 pence a share on July 15, the day before the company said it had received a preliminary approach. The directors of CAMEC intend to recommend the offer to shareholders and the executive directors have agreed to accept the offer in respect of the 2.61% stake they hold. Eurasian Natural, which already holds a 55% stake in CAMEC, said the deal would provide it with an entry into copper mining.
