Glencore Nears Full Control Of Nickel Miner, Holds Over 90%

Switzerland-based commodity trader Glencore International PLC (GLEN.LN) has moved within sight of full control of Australian nickel miner Minara Resources Ltd. (MRE.AU), with its shareholding in the company crossing a crucial threshold Wednesday.

In a regulatory announcement, Glencore said that its stake in the Western Australia-based miner had risen to 91.46% from 85.54% previously. That takes it above the 90% level at which it can launch a compulsory acquisition of the remaining shares under Australian law.

Few investors have doubted Glencore's ability to complete the offer, first announced Aug. 24 and valuing the target company at A$1.02 billion. Glencore already owned 73% of Minara's shares, a 40% stake in its Murrin Murrin nickel mine and processing plant, and has two directors on the Minara board.

Minara shares closed Tuesday at Glencore's offer price of 87 Australian cents.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

Minara Resources (ASX:MRE)
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