News: African Iron takeover accepted by Cape Lamb

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Cape Lambert Resources (ASX:CFE) has accepted Exxaro Resources’ (PINK:EXXAF) takeover offer for African Iron Limited (ASX:AKI).

 

Cape Lambert says it will sell 19.99 per cent of its stake in African Iron. The acceptance of the offer means Cape Lambert will make $72.2 million, based on the African Iron share price of 57 cents. 

 

African Iron operates in the Republic of Congo, where it has a first production target for 2013.

 

African Iron Limited reported a loss of $6.8 million in the year to June 2011.