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Home / Metal News / Atlas Consolidated To Buy Out Partners In Carmen Copper For $368 Mln

Atlas Consolidated To Buy Out Partners In Carmen Copper For $368 Mln

iconJun 24, 2011 13:31
Source:SMM

MANILA, Jun 23, 2011 (Dow Jones Commodities News Select via Comtex) -- Copper and gold producer Atlas Consolidated Mining and Development Corp. (AT.PH) said Friday its board approved the buy out of the entire stake owned by its partners in Carmen Copper Corp. for $368 million.

Atlas is buying the stake from CASOP Atlas Corp. and CASOP Atlas BV, which together own 45.54% in Carmen Copper.

Atlas said it has tapped BDO Capital and Investment Corp. and Evercore Partners to be its financial advisers for its plan to raise $390 million to finance the acquisition and provide general working capital for Carmen Copper.

The company said details of the acquisition and the capital-raising move will be explained to its shareholders during their meeting on June 27.

The Philippine Stock Exchange said that because of the transaction, trading of Atlas shares will be suspended on Friday and Monday.


 

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Carmen Copper

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