Manganese giant takes shape as Palmary nears takeover of CSM

Dec 05, 2007 | 06:56 AM | Meghann McDonell

Australia's Pallinghurst Resources LLC has bowed out to a sweetened bid by Palmary Enterprises (Australia) Pty Ltd. in the long-running 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 after the close of the Australian Stock Market Tuesday.

If successful in acquiring CSM, Bogolyubov and his partners—who have links to Ukraine's Privat Group—could create a manganese alloys producer with mines in Australia, Ukraine, the Republic of Georgia and Ghana and ferroalloy plants in Russia, Ukraine, Central Europe and the United States.....

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