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Mechel offers to buy UK metals company
RBC, 26.03.2008, Moscow 10:58:29.Mechel has made an offer to acquire the London-based chrome and nickel producer Oriel Resources for $1.498bn, Russia's mining and metals company said in a press release today. Mechel will pay $2.1986 per each Oriel Resources share, which is a 13.7 percent premium on the closing price as of February 29. The holders of 296,698,351 Oriel Resources shares (46.6 percent) have already agreed to sell their stakes to Mechel, and the UK company's Board of Directors has recommended to its shareholders to accept Mechel's offer. Merrill Lynch is to act as the Russian company's financial advisor for the deal, while Allen & Overy LLP has been appointed its legal advisor.
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