Adriatic Metals, a valuable metals mining group, is within the early phases of takeover talks which may result in it changing into the most recent London-listed firm to succumb to an abroad bidder.
Sky Information understands that Adriatic Metals is within the very early phases of discussions with Dundee Valuable Metals, a Toronto-listed peer.
The standing of the talks and different key particulars, together with any provide worth below negotiation, have been unclear on Tuesday.
One particular person near the scenario mentioned it was unclear whether or not any formal provide would emerge.
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Valued at about £610m, Adriatic has a market capitalisation roughly one-third of that of Dundee, which has a presence within the Balkans.
With a traditional takeover premium factored in, any provide may worth the goal at properly over £700m, in line with bankers.
Adriatic produces copper, gold, lead, silver and zinc from lately developed mining operations in Bosnia and Herzegovina.
The corporate is run by chief government Laura Tyler, a former senior BHP government who’s amongst few feminine bosses within the world mining trade.
London-listed shares in Adriatic Metals have been almost 6% increased in Tuesday afternoon buying and selling amid rising bid hypothesis.
The 2 corporations have been rumoured to have held related talks as lately as final yr, though they didn’t progress to any type of public affirmation.
A spokesman for Adriatic, which can also be quoted in Australia, declined to remark, whereas Dundee couldn’t be reached for remark.
