Glencore makes bid for South Africa's Optimum Coal.

By bne IntelliNews September 2, 2011
Swiss commodity trader Glencore said it seeks to acquire Optimum Coal Holdings Limited, one of the largest producers of thermal coal in South Africa, through a consortium with its local Black Economic Empowerment partner, South African businessman Cyril Ramaphosa. The bid values the ordinary shares of Optimum at ZAR 34 (USD 4.8) representing a 35.9% premium to the 30-day volume weighted average Optimum share price on August 16, Glencore said in a statement. Optimum Coal is a black-owned and controlled South African mining group with an extensive operational footprint located in the Witbank coalfield region of Mpumalanga. It is the sixth-largest producer of thermal coal in southern Africa. Glencore currently owns 14.1% of Optimums issued share capital.
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