RBI approves Hindalco's Australian arm takeover by Metal X

INDIA July 21 2016 5:45 PM

NEW DELHI (Scrap Register): 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 as a new operating division.