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Russia’s Mechel eyes $1.2 bln Oriel takeover
MOSCOW - Russian miner and steel maker Mechel OAO is in preliminary talks to acquire Oriel Resources Plc, a $1.2 billion London-listed company with chrome assets in Russia and Kazakhstan. Mechel, Russia’s sixth-largest steel maker, said on Monday it was contemplating an offer for Oriel’s entire share capital.
‘This process is at an early stage and there can be no certainty that any offer will ultimately be forthcoming,’ the company said in a regulatory statement.
Officials at Oriel Resources’ London headquarters were not available for comment. The company’s London-listed shares rose 1.3 percent to 98 pence by 1323 GMT.
New York-listed Mechel has a market capitalisation of $18.1 billion. Billionaire Chief Executive Igor Zyuzin holds the largest financial interest in the company.
As well as being Russia’s largest producer of stainless steel, the primary end use for chrome products, Mechel produces nickel and last year entered the ferro-alloy market with its purchase of ferro-silicon producer Bratsk Ferro-Alloy Plant.
Oriel Resources, also listed in Toronto, has a market capitalisation of $1.2 billion.
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