Metals XLtd. has formally increased the off-market takeover offer forAditya Birla MineralsLtd., which owns the Nifty copper mine in Western Australia.
Major shareholder Hindalco Industries Ltd. has received the necessaryapprovals from the Reserve Bank of India to accept the sale of its 51%interest, Aditya Birla said July 18.
In April, Metals X agreed to its bid to 1 Metals X share forevery 4.5 Aditya Birla shares plus 8 Australian cents per share in cash, whichvalues Aditya Birla shares at 32.9 cents each.
Aditya Birla's board has advised shareholders to accept theoffer, which is scheduled to close July 29.