Adriatic Metals, a treasured metals mining group, is within the early levels of takeover talks which might result in it turning into the newest London-listed firm to succumb to an abroad bidder.
The standing of the talks and different key particulars, together with any supply worth below negotiation, had been unclear on Tuesday.
One particular person near the scenario stated it was unclear whether or not any formal supply would emerge.
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Valued at about £610m, Adriatic has a market capitalisation roughly one-third of that of Dundee, which has a presence within the Balkans.
With a traditional takeover premium factored in, any supply might worth the goal at properly over £700m, in keeping with bankers.
Adriatic produces copper, gold, lead, silver and zinc from lately developed mining operations in Bosnia and Herzegovina.
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The corporate is run by chief government Laura Tyler, a former senior BHP government who’s amongst few feminine bosses within the world mining trade.
London-listed shares in Adriatic Metals had been practically 6% larger in Tuesday afternoon buying and selling amid rising bid hypothesis.
The 2 firms had been rumoured to have held related talks as lately as final 12 months, though they didn’t progress to any type of public affirmation.
A spokesman for Adriatic, which can also be quoted in Australia, declined to remark, whereas Dundee couldn’t be reached for remark.
