Palmary ups bid for ConsMin, Pallinghurst bows out

Dec 04, 2007 | 02:42 PM | Meghann McDonell

Australia's Pallinghurst Resources LLC has bowed out to a sweetened bid by Palmary Enterprises (Australia) Pty Ltd. in the battle for manganese miner Consolidated Minerals Ltd. (CSM).

Palmary, owned by Ukrainian billionaire Gennadiy Bogolyubov, increased its offer for the West Perth-based miner to Australian $5 ($4.36) per share, up from its previous bid of A$4.70, after the close of the Australian Stock Market Tuesday.

Tuesday's bid, worth Australian $1.52 billion ($1.33 billion), topped Pallinghurst's latest offer of $4.50 a share, or A$1.03 billion ($1.13 billion).....

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