COMPANY NEWS IN BRIEF
SA’s AngloGold offers to buy Corvus
South Africa's AngloGold Ashanti Ltd said on Tuesday it had offered to buy all the shares it does not already own in Canadian bullion miner Corvus Gold Inc as it seeks to expand its ore reserves.
The Johannesburg-listed company has shed most of their South African assets to focus on higher returns in both North and South America, sources said, as mining companies in South Africa struggle with rising costs, volatile labour relations and power disruptions.
The proposed takeover will be an all-cash deal and at a premium of 55% to the market price of C$2.58 (US$2.06) of Corvus as of May 5, a day before AngloGold, which already owns 19.5% of Corvus, guaranteed the company a US$20 million loan, entering a 90-day exclusivity period during which it could conduct due diligence of its assets.
The deal values Corvus, a Toronto-listed gold and silver explorer and developer, at around US$370 million.
"Management and the board of directors, in accordance with their fiduciary duties and consistent with their commitment to maximize shareholder value, are reviewing the proposal and have no further comment at this time," Corvus said in response to the bid. -Nampa/Reuters
BP to take control of Thorntons
BP Plc said on Tuesday it would buy the majority share it does not already own in its Thorntons joint venture from ArcLight Capital Partners LLC to expand its presence in the US fuels and convenience retail business.
The acquisition will bring BP more than 200 retail stores in Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida and will mark the company's re-entry into fully owned and operated stores in the US. Financial details of the deal were not disclosed.
Thorntons LLC was acquired by a joint venture between affiliates of ArcLight and BP in 2018. BP has said it aims to nearly double its convenience and mobility business earnings by 2030.
It also plans to increase the number of convenience sites in its global network from around 2000 to more than 3000 by 2030.-Nampa/Reuters
South Africa's AngloGold Ashanti Ltd said on Tuesday it had offered to buy all the shares it does not already own in Canadian bullion miner Corvus Gold Inc as it seeks to expand its ore reserves.
The Johannesburg-listed company has shed most of their South African assets to focus on higher returns in both North and South America, sources said, as mining companies in South Africa struggle with rising costs, volatile labour relations and power disruptions.
The proposed takeover will be an all-cash deal and at a premium of 55% to the market price of C$2.58 (US$2.06) of Corvus as of May 5, a day before AngloGold, which already owns 19.5% of Corvus, guaranteed the company a US$20 million loan, entering a 90-day exclusivity period during which it could conduct due diligence of its assets.
The deal values Corvus, a Toronto-listed gold and silver explorer and developer, at around US$370 million.
"Management and the board of directors, in accordance with their fiduciary duties and consistent with their commitment to maximize shareholder value, are reviewing the proposal and have no further comment at this time," Corvus said in response to the bid. -Nampa/Reuters
BP to take control of Thorntons
BP Plc said on Tuesday it would buy the majority share it does not already own in its Thorntons joint venture from ArcLight Capital Partners LLC to expand its presence in the US fuels and convenience retail business.
The acquisition will bring BP more than 200 retail stores in Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida and will mark the company's re-entry into fully owned and operated stores in the US. Financial details of the deal were not disclosed.
Thorntons LLC was acquired by a joint venture between affiliates of ArcLight and BP in 2018. BP has said it aims to nearly double its convenience and mobility business earnings by 2030.
It also plans to increase the number of convenience sites in its global network from around 2000 to more than 3000 by 2030.-Nampa/Reuters
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