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Johannesburg - Optimum Coal said on Monday that a unit of Glencore, the world's largest commodity trader, had bought a 14.1% stake in it.
The announcement comes after Optimum, South Africa's sixth-largest coal producer, confirmed on Friday that it had received takeover approaches.
"... a consortium comprising Piruto BV, a wholly-owned subsidiary of Glencore International AG, had as at the close of business on Friday, 26 August 2011, acquired ordinary shares and as a result now holds a beneficial interest of 14.1% in Optimum Coal," Optimum said in a statement.
Sources close to the deal said late on Thursday that the Swiss-based trader plans to bid for a majority stake in Optimum with its South African partner, politician-turned-businessman Cyril Ramaphosa.
It is the Swiss-based trader's largest takeover bid since its May stockmarket listing.
Glencore's deep pockets and Ramaphosa's influence would make for a formidable bid which could nullify any opposition arising from unions or shareholders, some of whom may be reluctant to see the trader extend its reach in South Africa.
The announcement comes after Optimum, South Africa's sixth-largest coal producer, confirmed on Friday that it had received takeover approaches.
"... a consortium comprising Piruto BV, a wholly-owned subsidiary of Glencore International AG, had as at the close of business on Friday, 26 August 2011, acquired ordinary shares and as a result now holds a beneficial interest of 14.1% in Optimum Coal," Optimum said in a statement.
Sources close to the deal said late on Thursday that the Swiss-based trader plans to bid for a majority stake in Optimum with its South African partner, politician-turned-businessman Cyril Ramaphosa.
It is the Swiss-based trader's largest takeover bid since its May stockmarket listing.
Glencore's deep pockets and Ramaphosa's influence would make for a formidable bid which could nullify any opposition arising from unions or shareholders, some of whom may be reluctant to see the trader extend its reach in South Africa.
