FINANCIAL NEWS

Egypt’s Weather II acquires Areva’s stake in Canadian gold miner

15 Jul 2012

(MENAFN) Weather II Investments, owned by Egyptian billionaire Naguib Sawiris, confirmed the buyout of a stake in Canada’s gold miner La Mancha Resources, Arabian Business reported.

Montreal-based La Mancha Resources has gold mines in Africa and Australia.

The company has bought the stake from French nuclear reactor maker Areva in a USD493 million deal.

Weather II has agreed to buy La Mancha at a price of USD3.45 per share in cash, a premium of 55.6 percent to the closing price on July 12 and 43.1 percent to the 20-day volume weighted average price.

Areva said that the deal will help cut its debt and finance the group’s strategic and safety investment programme.

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