Severstal makes formal 270p offer for Celtic Resources |
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Published
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Fri, 26 Oct 2007 07:17
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LONDON (Thomson Financial) - OAO Severstal said it made a formal 270 pence cash offer for Celtic Resources Holdings PLC, valuing the company at about 161 mln stg.Celtic has twice rejected an approach from the Russian steelmaker at 220p and 270p, forcing Severstal to make a hostile offer.The formal offer from Severstal may bring out other bidders and encourage Celtic to reveal more details about a third party approach that it mentioned in September.Severstal is Celtic's largest shareholder and its offer is backed by Canada's Barrick Gold Corp.julie.crust@thomson.comjcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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