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Valcambi bids for Republic Metals: Reuters
Posted on Thursday, 10 January 2019 11:35
Switzerland-headquartered precious metals refining company Valcambi has submitted a USD 16.00 million approach for the assets of Republic Metals, according to Reuters.
Citing a source with knowledge of the situation, the news provider said the offer had been accepted as a stalking horse bid by the New York bankruptcy court hearing the case; the target filed for Chapter 11 on 5th November 2018.
No indication has been given as to when an official announcement of the deal can be expected to follow.
As yet, none of the parties involved have made any official statement on the matter.
Valcambi previously announced plans to acquire Republic Metals back in late October, when it said it had reached an understanding to carry out a purchase.
However, this proposed deal ultimately fell through when the target filed for bankruptcy, Reuters noted.
Republic Metals is headquartered in Miami and was established in 1980.
The company operates a refinery covering some 150,000 square feet, with a combined capacity of more than 7,000 tonnes of silver and gold.
Zephyr, the M&A database published by Bureau van Dijk, shows that there were 17 deals targeting companies providing secondary smelting, refining and alloying of nonferrous metal services announced worldwide during 2018.
The most valuable of these took the form of a capital increase as China-based Guangdong Xianglu Tungsten issued convertible bonds worth USD 48.13 million in March.
This was followed by a USD 37.63 million deal in which Hitachi Metals increased its holding in Japan-headquartered mishmetal-nickel based alloys maker Santoku from 4.5 per cent to 73.9 per cent. That transaction closed on 2nd April.
Other companies in the sector to have been targeted over the 12 months include Chinese tungsten carbide manufacturer Jiangxi Xianglu Tungsten, UK solid state metal and alloy powder maker Metalysis and Russian player Novosibirskii Affinazhnyi Zavod.
© Zephus Ltd