Chinese PE Firm Cathay Drops $850M On Aussie Miner

Law360, New York (October 4, 2012, 7:43 PM EDT) -- Australian copper miner Discovery Metals Ltd. said Thursday it had received an AU$829.6 million (US$849.6 million) takeover offer from Shanghai-based Cathay Fortune Corp., a sign that Chinese private equity investors' confidence is growing even as commodities prices slide.

The AU$1.70-per-share cash offer, an unusually large gamble for a Chinese private equity house, comes from a 75-25 joint venture between Cathay and the China-Africa Development Fund, China's main private equity fund focused on African investments, according to a Sept. 21 letter from Cathay Director and CFO Zhang...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.