South Korea’s Posco said it is considering joining BHP Billiton’s attempt to take over Australian manganese producer Consolidated Minerals.
“But whether Posco will join the bidding for the manganese company has not been finalized, let alone other details,” a company spokesman told Dow Jones Newswires.
On June 1, BHP Billiton’s former chief executive Brian Gilbertson - now leading the takeover attempt - told reporters in Perth that Posco will invest $100 million to join the takeover initiative for ConsMin.
The joint venture includes the Gilbertson chaired Pallinghurst Resources, private coal group AMCI, and South African bank Investec.The partnership has offered A$625 million (US$525 million) to takeover 60% of ConsMin and transform the company into a A$5 billion raw materials supplier to the steel sector.
The takeover scheme will be voted on by ConsMin shareholders in mid July.
Posco is the world’s fourth-largest steelmaker by output.
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