Strange twist in the bid for Discovery Metals. A hostile bid from a Chinese company is unusual to say the least...Obviously copper deposits are in big demand..
'Cathay Fortune, the private equity group founded by Chinese billionaire Yong Yu, has taken a A$830m ($856m) takeover offer for Discovery Metals, the Botswana copper and silver miner, direct to shareholders.
In a statement, Mr Yu said the decision of Discovery’s board to refuse access to due diligence on “any reasonable basis” had left the company and its partner, the China-Africa Development Fund, with no choice but to launch a hostile takeover bid.'
http://www.ft.com/intl/cms/s/0/174bf7d4-1cb2-11e2-a63b-00144feabdc0.html#axzz2A89lMQC4