Commodity Blog

Archive for February 7th, 2008

Russia’s largest metals producer Norilsk Nickel (GMKN.RS) is preparing to place a EUR35 a share takeover offer for German copper manufacturer Norddeutsche Affinerie AG (NDA.XE), or NA, Austrian magazine FORMAT reports in a preview of its Friday issue.
The magazine bases its report on rumors in German investment banking circles. It doesn’t name specific sources.
Asked by Dow Jones Newswires Thursday, NA spokeswoman Michaela Hessling said: “We have absolutely no knowledge of this.” A Norilsk Nickel spokeswoman wasn’t immediately able to comment on the information.
The takeover rumor surfaces at a time when NA has placed a takeover bid for its Belgian peer Cumerio (CMR.BT) and is negotiating with Austrian industrial group A-Tec Industries (ATEC.VI) for its 25% stake in Cumerio. A-Tec furthermore holds a 13.7% stake in NA.
FORMAT quotes A-Tec Chief Executive Mirko Kovats as saying he is ready to consider the rumored offer.
“This would be the best that could happen from my point of view,” Kovats told FORMAT.

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