26th Jun 2014 07:20
LONDON (Alliance News) - Mineral sands exploration, project development, operations and marketing company Iluka Resources Ltd Thursday confirmed that it has made an approach to AIM-listed Kenmare Resources PLC in relation to a potential combination.
In a statement following press speculation, Iluka said is has made an approach to Kenmare in relation to a potential combination, which may be implemented by way of an offer for Kenmare.
There is no certainty that any transaction will be progressed or, in particular, that an offer will be made, or as to the terms on which an offer may be made if forthcoming, said Iluka, noting that a further announcement will be made if and when appropriate.
"Iluka's assessment of a potential transaction involving Kenmare is consistent with Iluka's strategy of assessing various mineral sands opportunities, and exploring transactions where financial merit and strategic rationale may exist," said the exploration company.
Shares in Kenmare Resources were trading 10.42% higher at 13.25 pence per share shortly after the market open Thursday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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