Australian Market Report of December 29, 2010: Kangaroo Resources (ASX:KRL) Announce A$277M Acquisition of Indonesian Thermal Coal Project
TOWER Australia Group Limited (ASX:TAL) today announced that Dai-ichi (TYO:8750), one of world's top ten life insurers based on revenue, had offered to acquire all of the issued shares in TOWER that it does not already own for A$4.00 cash per share. Dai-ichi currently owns 29.0% of TOWER and the Offer values TOWER at A$1.76 billion. The two companies signed a Scheme Implementation Deed on 28 December 2010. Subject to shareholder and regulatory approvals, the acquisition will assist Dai-ichi in its future development in the competitive Australian insurance market.
Uran Limited (ASX:URA) has entered into an option to earn a 51% interest in a number of manganese projects in Zambia. The properties include 5 large-scale prospecting licences and 2 small scale mining licences. Mining of manganese has been carried out in 2010 on one of the small scale mining licences and has exposed a number of manganese reefs at or close to surface. In an area adjacent to Uran Limited's newly acquired properties, UK-based Genesis Procurement Company is currently producing about 48,000 tonnes of manganese ore with ore grading between 45%-63% MnO2.
Imperial Corporation Limited (ASX:IMP) announced that its 92% owned subsidiary, Empire Energy USA LLC, has completed US$60.25 million acquisition of oil producing assets in Kansas plus a 35% working interest in 17,000 acres in North Dakota, USA. The acquired assets in Kansas are located in a very energy-producer-friendly State where operations are inexpensive and drilling is relatively low risk. The acquisition will enable Empire Energy to produce 580 Bbls per day.
Tower Australia Group Ltd
PT Bayan Resources Tbk
Kangaroo Resources Limited
Imperial Corporation Limited
Dai-ichi Life Insurance Company, Limited