The hunter became the hunted this morning, after Sylvania Resources (AIM & ASX: SLV) confirmed press speculation regarding an approach for the company. Syvania did not disclose much, other than to say it was in discussions with an undisclosed party that “may or may not lead to an offer for the Company”. Rumours suggest the bidder may be Samancor, the South Africa based chrome group.
Sylvania Resources is no stranger to merger and acquisitions, having recently launched an all share takeover offer for Great Australian Resources (ASX: GAU). In May, Sylvania also announced an intention to make an off-market takeover offer for all of the ordinary shares in SA Metals Limited (ASX: SXM) (formerly Pan Palladium Limited (ASX: PPD).
For Sylvania shareholders, the two takeover targets were viewed by investors as offering compelling synergies. They would meld the Sylvania’s tailings retreatment operations and shallow mining exploration interests located on South Africa’s PGM-rich Bushveld Igneous Complex in South Africa with Great Australian Resources’ platinum projects and exploration activities, also in the Bushveld Complex. SA Metals also has exploration projects in the Bushveld.
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