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Rana Gruber AS ( (DE:7XH) ) has provided an announcement.
Champion Iron Limited has agreed a conditional voluntary offer to acquire all outstanding shares in Rana Gruber ASA, valuing the Norwegian iron ore producer at about NOK 2.93 billion and offering shareholders NOK 79 per share, a 17.4% premium to the recent 20-day average. Rana Gruber’s board has unanimously recommended the bid, and shareholders representing roughly 51% of the company’s capital, including large investors and management, have pre-accepted, paving the way for the Canadian group to gain a long-term strategic foothold in Europe while keeping Rana Gruber as a standalone entity in Mo i Rana. The tie-up would combine Champion Iron’s global scale, high-purity iron ore and green steel positioning with Rana Gruber’s long-life mine, renewable power access and ambition to reach 67% iron content, potentially strengthening both companies’ roles in the high-grade iron ore market while underlining commitments to job security and regional development in northern Norway.
More about Rana Gruber AS
Rana Gruber ASA is Norway’s only iron ore producer, based in Mo i Rana and listed on Euronext Oslo. Established in 1964 and drawing on over two centuries of mining experience in the region, the company produces and exports iron ore concentrates to steelmakers and chemical industry customers worldwide. It employs around 370 people and has an annual production capacity of 1.8 million metric tons, with a strategic focus on high-grade, low-carbon iron ore products for the steel industry.
YTD Price Performance: -0.96%
Average Trading Volume: 51,600
Current Market Cap: NOK2.59B
See more insights into 7XH stock on TipRanks’ Stock Analysis page.