consmin battle continues

ConsMins battle
Updated: 07:46, Monday July 30, 2007
The battle for Consolidated Minerals has received a further shake up, with a foreign player believed to have paid big bucks for a seat at the table.

Ukrainian conglomerate Privat Group is believed to have purchased over 10 per cent of ConsMins on Friday, sending its share price well above two current takeover offers.

Privat is the world's biggest manganese alloy producer and according to Fairfax media, the group had planned to snap up at least 5 per cent of ConsMins in order to protect its supply of high grade manganese ore.

If Privat has acquired over ten per cent of Consolidated, it means any potential acquirer would have to negotiate with the Ukraine based company.

The strategic stake could also mark the beginning of an all-cash takeover, rivalling Pallinghurst's and Territory's current bids.

ConsMins is recommending a $3.30 per share bid from Brian Gilbertson's Pallinghurst, and Territory is in the process of revising its cash and scrip bid.