Johannesburg - If an offer for Optimum Coal is made by a consortium including commodities trader Glencore and a
company owned by SA businessman Cyril Ramaphosa
, the price would not be
lower than R38 per share.
On Friday, Optimum Coal said that on September 1, it had been
announced that a consortium comprising Piruto, a wholly owned
subsidiary of Glencore International, and Lexshell 849, a
company wholly owned by Ramaphosa, had submitted a letter to the board
of directors of Optimum advising of its interest to acquire, directly or
indirectly, the majority of the issued ordinary share capital of
Optimum for a cash consideration of R34.00 per share.
Following the acquisition of certain additional Optimum shares
by a member of the consortium, Optimum had been informed that if the
proposed offer was made within a period of six months from September 6,
the offer consideration would not be lower than R38.00 per Optimum
Glencore said on Thursday in a separate statement that it had
upped its stake in Optimum to 25.8% after it had purchased around 2.5
million shares at a price of R37.99 a share - more than the R34 per
share so far offered.
In addition, Optimum said that an alternative party referred
to in the announcement of September 1 had withdrawn its interest in
acquiring a controlling interest in Optimum.