Champion advances Norwegian iron-ore takeover deal
Canada- and Australia-listed Champion Iron said on Thursday that it had secured acceptances representing more than 90% of the shares in Norwegian iron-ore producer Rana Gruber.
Shareholders representing about 90.07% of Rana Gruber’s issued share capital and voting rights had accepted the voluntary cash offer of NOK79 a share, subject to customary verification of the acceptances.
With the minimum shareholder acceptance condition of its takeover offer met, Champion expects to proceed with completing the acquisition once the remaining closing conditions are satisfied or waived.
Following completion of the offer, the company intends to carry out a compulsory acquisition of the remaining shares in Rana Gruber in accordance with Norwegian law.
Champion first announced the takeover bid in late 2025, valuing the company at about $289-million and aiming to expand its portfolio of high-grade iron-ore assets.
Earlier this year, the company secured $100-million in financing from Caisse de dépôt et placement du Québec through a private placement of subscription receipts to help fund the transaction.
Champion said the acquisition supports its strategy to strengthen its position in the global market for high-grade iron-ore products.
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