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Ausmelt Receives Takeover Offer from Tenova

Dec 21 2009

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Further to the announcement this morning of the increase in the takeover price by Outotec Pty Ltd, Ausmelt (ASX:AET) has now received the attached correspondence on behalf of Tenova S.p.A. (Tenova) of Italy.

Tenova is making a takeover offer for all of the ordinary shares in the Ausmelt on the following terms and conditions:

  • $1.35 cash for each Ausmelt share.
  • Subject to 50.1% minimum acceptance condition and prescribed occurrences only.

Tenova is part of the Techint Group which in 2008 generated total revenues of US$26 billion and has 53,000 employees worldwide. Tenova supplies technological solutions for the iron and steel, base metal and mining industries. It has more than 30 operating companies in 19 countries and annual turnover of US$1.8 billion. It is anticipated that Tenova's Bidder's Statement will be lodged in January 2010.

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