Severstal Resources Announces results of Take Over bid

Through its mining division Severstal Resources, OAO Severstal announced that the offer by 7027940 Canada Limited, an affiliate of Severstal, to purchase the outstanding common shares of PBS Coals Limited (formerly, Penfold Capital Acquisition Corporation)(TSX: PBS) expired at 11:59 p.m. on October 24, 2008. In order to resolve outstanding matters between PBS Coals Limited and the Offeror, the principal... 

Tag: severstal gold output, canada business corporations act takeover bid, severstal african operations, russia and pbs coal, canadian mines equipment penfold

Severstal Resources Reaches Agreement to Acquire PBS Coals

Through its mining division Severstal Resources, OAO Severstal announced that it intends to acquire the business of PBS Coals Corporation by way of an acquisition of Penfold Capital Acquisition Corporation following a business combination of PBS and Penfold for an all cash purchase price of C$8.30 per share, implying an enterprise value of US$1.3 billion. PBS is engaged in the mining, processing and... 

Tag: pbs coals severstal advisors, rbc capital markets penfold, pbs coals ltd, pbs coals group, severstal pbs synergies