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Anglo American's Sirius takeover clears Brazilian regulatory hurdle

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Christian Fernsby ▼ | February 24, 2020
Sirius Minerals today said its takeover by Anglo American received approval from regulators in Brazil.
Anglo American
Acquisition   Anglo American
Brazil's Administrative Council for Economic Defense the country's competition regulator gave "unconditional approval" for the takeover.

Topics: Anglo American Sirius takeover Brazil

In January, Anglo American made a formal offer for Sirius Minerals, valuing the London-listed potash mine developer's equity at GBP404.9 million. Anglo American offered 5.50 pence per Sirius share.

In its annual results, Anglo American said on Thursday: "Anglo American identified Sirius's Woodsmith polyhalite project in North Yorkshire as being of potential interest given the quality of the underlying asset in terms of scale, resource life, operating cost profile and the nature and quality of its product. The project has the potential to fit well with our established strategy of focusing on world-class assets."

Anglo American said it expects the acquisition to be completed by the end of March.

Sirius Minerals on Monday added that the takeover still needs shareholder approval, and consent at a court hearing.