Oxiana website - http://oxiana.com.au/
Zinifex website - http://zinifex.com.au/
Zinifex shareholders will receive 3.19 Oxiana shares for each share held by them. The offer values Zinifex shares at A$12.68 each, up 14% from last closing price
Australian miner Oxiana Ltd. has agreed to purchase rival Zinifex Ltd. for A $6.2bn (US$5.8bn) in an all-stock deal, forming a A$12bn miner and the world's second-largest producer of zinc.
Under the agreement, Zinifex shareholders will receive 3.19 Oxiana shares for each share held by them, the two Melbourne-based companies said in a statement today. The offer values Zinifex shares at A$12.68 each, 14% more than the last closing price.
55 minutes ago, source: REUTERS
SYDNEY, March 4 (Reuters) - Australian shares fell 0.5 percent on Tuesday, adding to steep falls in the previous three sessions, as credit concerns and a widely expected rise in domestic interest rates weighed down on financial firms.
1 hour and 43 minutes ago, source: REUTERS
SYDNEY, March 4 (Reuters) - Australian shares fell 0.7 percent on Tuesday, adding to steep falls posted in the previous three sessions, as lingering credit concerns and a widely expected hike in domestic rates pressured financial firms.
Oxiana, which is trading at 19 times estimated earnings, fell 10 cents, or 2.5%, to A$3.87 on the Australian Stock Exchange at 2:05 p.m. Sydney time. Zinifex, which trades at 11 times earnings, rose 96 cents, or 8.6%, to A$12.09.
Oxiana and Zinifex shareholders will own 50% each.
Zinifex CEO Andrew Michelmore will head the merged entity.
Oxiana will more than double sales, boost zinc output fivefold and gain lead and silver projects in Australia and Canada, adding to copper and gold output. Zinifex brings A$2.2bn of cash to fund new projects and acquisitions.
The combined Oxiana and Zinifex, would have had A$2.8bn in revenue and net profit of A$918mn in 2007, the companies told the Australian Stock Exchange. The combination will have A$2.5bn in cash, with Zinifex contributing A$2.2bn after selling its stake in smelting unit Nyrstar NV.
"Both the companies believe in strong growth continuing for the minerals we produce," Michelmore, 55, said in a teleconference. "There is no hesitation in saying let's put the two companies together."
Oxiana Chairman Barry Cusack will retain his position in the combined company. Oxiana's CEO Owen Hegarty, 59 will become a director.
Oxiana owns the Sepon gold and copper mine in Laos, the Golden Grove zinc, copper and gold mine in Western Australia and is spending A$1.1bn developing its Prominent Hill copper and gold project in South Australia.
2 hours and 24 minutes ago, source: REUTERS
SYDNEY, March 4 (Reuters) - Australian shares rose 0.6 percent on Tuesday, as financials recovered from steep losses posted in the previous three session, and as commodity firms gained on record high oil and strong metal prices.
Jucy to take its vans into Australia
Tim Alpe's campervan business now has 1700 vehicles in New Zealand and may list on the sharemarket. Photo / Richard Robinson
The Alpe family's car and camper rental firm Jucy Rentals is about to expand in Australia after six years of building up the business in New Zealand.
Main shareholder Chris Alpe was the founder of Maui Campervans and a director of New Zealand's largest listed tourism operator Tourism Holdings until 2001, when he left the business to set up Jucy with his sons Tim and Dan.
Initially, the firm had a five-year restraint of trade agreement with Tourism Holdings, which meant it could not sell direct to the public.
But the agreement was lifted early, allowing the firm to expand faster than it expected.
CEO Tim Alpe said the company now had 1700 vehicles in New Zealand and had decided the time was right to expand the campervan side of the business into Australia.
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